Kalshi is moving beyond prediction markets and into one of crypto’s biggest trading lanes.
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Prediction markets giant Kalshi announced on Friday that it plans to launch perpetual futures contracts, starting with crypto perpetual contracts. They will offer US traders a regulated alternative to the offshore platforms that dominate this market.
Perpetual futures, or “perpetrators,” are futures-style contracts that do not have a fixed expiration date. Traders do not need to keep moving from one dated contract to the next. Instead, the contracts are designed to constantly track the price of the underlying asset and keep the funding payments and perp price in line with the market.
For example, a crypto payment company or fund manager, bitcoin One can use a regulated perpetual contract to hedge price risk without constantly managing the expiration of the contract. If a firm expects to receive Bitcoin next week, it can open a permanent short position in BTC to offset the risk of Bitcoin falling before the payment is converted or reserved.
A more speculative trader can use the same product to bet bullish or bearish without choosing an expiration date.
Perpetrators have become one of crypto’s most important trading tools. Kalshi said the annual volume of offshore permanent assets increased from $28 trillion in 2023 to over $90 trillion in 2025.
This is a huge market, but a US agency often had to gain access indirectly or through offshore platforms.
Perpetual futures are subject to regulatory approval. Kalshi said the products will be offered under the supervision of the Commodity Futures Trading Commission.
Polymarket also turns to 24/7 long-short trading with its own special offer. These companies are looking beyond elections, sports, macro data or one-off event contracts.
Kalshi relies on regulation as a differentiator. Financing rates will be charged every eight hours and appear in transaction history, the company said. He added that permanent agricultural commodities will not be part of the product line-up.
Disclosure: CNBC and Kalshi have a business relationship that includes a minority investment in CNBC.
