Kalshi has become one of the first institutions to launch Bitcoin perpetual contracts in the United States after receiving approval from the U.S. Commodity Futures Trading Commission (CFTC). This approval opens a new regulated gateway for cryptocurrency derivatives trading in the U.S. and allows products that were previously mainly traded on overseas platforms to enter the domestic market.

BTCPERP approved for launch

The CFTC has allowed Kalshi to list and trade Bitcoin reference perpetual contracts, code-named BTCPERP. The regulator requires the product to continue complying with the Commodity Exchange Act and other applicable regulations. Unlike traditional futures, perpetual contracts have no expiration date, allowing traders to hold positions for extended periods.

Coinbase received a no-objection letter at the same time.

The CFTC also issued a no-objection letter to Coinbase, allowing some of its perpetual contract products to use Bitcoin, Ethereum, and stablecoins as collateral. These products will be processed through Coinbase Bermuda and treated as offshore futures products. This arrangement applies to eligible clients.

Kalshi continues to expand

Kalshi CEO Tarek Mansour stated that this step signifies the company's expansion from prediction markets into regulated derivatives trading. The company is also still grappling with regulatory controversies related to prediction markets, including its lawsuit in Minnesota.