Kalshi has achieved a milestone in the US derivatives market with the CFTC's approval of its BTCPERP contract on May 29, 2026. This makes Kalshi the first to offer a perpetual futures contract tied to Bitcoin’s spot price on a US designated market.
Perpetual futures are distinctive as they have no expiration dates and allow traders to maintain leveraged positions indefinitely while continuously tracking the underlying asset's spot price. The total annual trading activity in crypto derivatives is estimated to reach tens of trillions, primarily conducted on offshore platforms.
Kalshi's BTCPERP contract utilizes the CF Benchmarks index for pricing and settles in cash.
Furthermore, the CFTC's approval also allows other designated markets to self-certify similar perpetual contracts. In a strategic move, the CFTC issued a no-action letter to Coinbase, facilitating access to global perpetuals for US customers through its Bermuda affiliate.
However, the Chicago Mercantile Exchange (CME) is contesting the CFTC's approval, claiming that perpetual futures should be classified as swaps under the Dodd-Frank Act. This classification would impose stricter regulations on Kalshi’s offering. /Shares of major US exchanges faced declines as the market adjusted to this emerging competition.
For investors, this development provides access to popular crypto trading instruments with US regulatory protections. The potential reclassification of perpetual futures raises significant implications for the operational landscape of exchanges like Kalshi and Coinbase.