Kalshi Crypto Perps Hit Record $17.98M Open Interest
The milestone highlights a CFTC-cleared route for U.S. traders into perpetual futures, a notable shift in access to crypto derivatives.
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The milestone highlights a CFTC-cleared route for U.S. traders into perpetual futures, a notable shift in access to crypto derivatives.
A compliant U.S. launch could put one of crypto’s biggest perpetual-futures venues inside the regulated American market, where registration and customer protections shape access.
The filings push Kalshi from event contracts into TradFi-style equity and commodity proxies, while the CME-CFTC lawsuit over the May BTC perp approval still hangs over the timeline.
The agencies can build the rulebook, but only Congress can lock it in. Whatever the SEC and CFTC finalize before the next administration is one election cycle away from being undone.
Perps dominate with $200B+ daily volume and brutal margin efficiency, but funding-rate exposure and exchange insurance-fund blowups remain the hidden costs traders say most users underprice.
The legal fight is framed as futures vs. swaps, but Duffley's real alarm is the IRS bill traders could face if courts reclassify a year of 1256 filings as ordinary income.
Roughly 93% of crypto futures volume runs through perps, and Binance's order book leads spot on most moves.
Bullish's Chris Tyrer and Tram Doman argue the systemic-risk fear is real, but it is born from how a venue handles defaults under stress, not from the no-expiry contract itself.
Brian Smith of the Jito Foundation argues perps are the on-ramp for trillions of dollars of TradFi flow, and that Solana is losing the gateway race to Hyperliquid despite shipping the better…
The pivot bakes in a hard institutional requirement the original Ondo Chain couldn't meet: keep order flow off public mempools.
Wall Street veteran reframes crypto's defining contract as plain futures without expiry, arguing ADL and high leverage are exchange choices, not features of the product itself.
The unusual lawsuit pits the largest US derivatives venue against the CFTC over whether blockchain-based perpetual futures count as swaps, with $60T in offshore perps volume hanging over the fight.
Prop firms and market makers are likely to test the contracts first, while banks wait for deeper liquidity, settled rules and infrastructure for 24-hour risk.
BitMEX engineer Ben Delo's 2015 fix for a Bitcoin futures annoyance became crypto's dominant trading venue, and US regulators are now eyeing the same structure for equities on the CME.
Hyperliquid's oil-perp volume hit a $1.2B record on a Sunday while CME sat dark, and Energy Aspects says the long-standing Friday volatility discount in WTI options is narrowing as traders finally…
The suit tests whether perpetuals are futures or swaps under the Commodity Exchange Act, a ruling that decides whether the offshore leverage machine becomes a domestic product or stays gated behind…
The rollout links election odds to polling, fundraising and news as Kalshi broadens its derivatives ambitions and seeks a valuation near $40B.
SPCX has lost roughly 40% from its June peak, but $615M of perpetual futures exposure is still parked ahead of a $123B share unlock in early August.
Tokenized stocks and RWA perps now account for one in five new CEX listings, while memecoins and GameFi listings collapse, pointing to a structural reorientation of exchange strategy around…
The July 9 letter asks the CFTC to turn Phantom's March no-action relief into a broader, codified rule so any wallet can plug into registered derivatives venues without becoming a broker.