Prediction market exchange Kalshi is reportedly preparing to expand into cryptocurrency trading by introducing perpetual futures contracts, marking a major shift beyond its core event-based derivatives business.
In a Tuesday report, The Information cited people familiar with the matter as saying Kalshi plans to offer perpetual futures — commonly known as “perps” — on cryptocurrencies such as Bitcoin (BTC).
Perpetual futures are a type of derivative contract that allows traders to speculate on price movements without an expiration date.
Unlike traditional futures, which must be rolled over periodically, perps enable continuous exposure and are typically paired with leverage. The structure was popularized in crypto markets by BitMEX, helping fuel the rapid growth of derivatives trading.
Kalshi’s planned launch would signal a move away from binary event contracts toward continuous financial markets, potentially broadening its appeal to both retail and institutional traders.
Kalshi is regulated in the United States by the Commodity Futures Trading Commission (CFTC), a distinction that could position it as a compliant alternative to offshore crypto derivatives platforms.
CFTC Chair Michael Selig has indicated that these products could become available in the United States in the near future, as regulators seek to bring more trading volume onshore.
Related: Onchain real-world perps surge, while altcoin rout drags on: Report
Competition for perps is gaining traction
The reported move comes amid intensifying competition across both prediction markets and the fast-growing perpetual futures segment, with US platforms increasingly seeking to offer this trading to non-US residents.
Crypto exchanges have been drawn in this direction, with Coinbase recently launching round-the-clock perpetual-style futures tied to equities for non-US traders, expanding beyond its traditional crypto derivatives offering.
Kraken has also rolled out tokenized stock perpetual futures for users outside the United States, targeting exposure to US stock indexes, precious metals and individual stocks.
Related: S&P Dow Jones licenses S&P 500 perpetual futures for Hyperliquid
