Kalshi, a cryptocurrency derivatives exchange, announced on June 3 that bitcoin perpetual futures trading is now live on its platform, marking one of the first times American investors can access regulated perps on domestic soil.
The CFTC approved Kalshi’s BTCPERP contract on May 29, 2026, under Regulation 40.3. The approval unlocks a product category that has operated almost entirely offshore, where venues like Binance and Hyperliquid have captured the bulk of trading volume. Perpetual futures volume reached $92.9 trillion globally in 2025, a 29% increase from 2024, according to data cited by Kalshi.
Tarek Mansour, CEO of Kalshi, described perpetual futures as “the purest form of trading.” He added that “onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses.”
Perpetual futures contracts have no expiration date, unlike traditional U.S.-authorized futures products. Instead, they reference the spot price of bitcoin. A funding rate mechanism, adjusted every eight hours, keeps the contract price tethered to the spot market. Kalshi makes funding rate history visible in transaction history, providing transparency on the cost of holding positions.
CFTC Chairman Michael Selig called the approval “a major step forward in delivering on President Trump’s goal of cementing America as the crypto capital of the world.”
Kalshi completed a funding round in May 2026 that valued the company at $22 billion. The exchange plans to expand perpetual futures trading to a dozen cryptocurrencies beyond bitcoin. Agricultural commodities are excluded from Kalshi’s product slate.
The CFTC signaled in March 2026 that perpetual futures approvals were coming “in the next month or so,” according to Chairman Selig. Kraken, a competing cryptocurrency exchange, announced in response that it would list CFTC-regulated perpetuals within 30 days of Kalshi’s approval. The regulator will evaluate additional perpetual contracts case by case going forward.
Why this matters
Offshore perpetual futures venues have historically captured trading volume that might otherwise flow to U.S.-regulated platforms. Kalshi’s approval signals the CFTC’s willingness to authorize derivative products that were previously unavailable domestically. The move creates a regulatory arbitrage opportunity: American traders can now execute perps through a licensed U.S. exchange rather than routing orders to unregulated offshore venues.
Other exchanges including Robinhood and Gemini have not yet announced perpetual futures offerings. The CFTC’s case-by-case approval process means additional exchanges may need to seek separate authorizations for similar products.
