Kalshi is reportedly preparing to launch crypto perpetual futures, a significant move into the largest segment of crypto trading. This expansion follows Kalshi's recent introduction of a Commodities Hub, offering markets across energy, metals, and agriculture, as part of its strategy to become an 'everything exchange'.
Kalshi has seen substantial growth, with monthly trading volume increasing more than 20-fold year over year to $10 billion in February. A recent funding round valued the company at $22 billion. The introduction of crypto perps would shift focus from event contracts to highly liquid digital asset trading.
In the centralized exchange space, Binance remains a dominant force, reporting approximately $4.90 trillion in Q1 2026 derivatives volume. On the decentralized side, Hyperliquid is a key player, accounting for about 30% of the onchain derivatives market.