Coinbase and prediction market platform Kalshi announced the launch of regulated crypto perpetual contracts for US customers. These products, previously concentrated on offshore platforms, are now entering the market through compliant US channels.

CFTC approves domestically produced sustainable products

The two companies stated that the relevant products have been approved by the U.S. Commodity Futures Trading Commission (CFTC). Kalshi submitted its products on May 29 under the voluntary review process for new contracts, and the regulator determined that they complied with the requirements of the Commodity Exchange Act.

Kalshi has been granted approval to launch a perpetual futures contract linked to Bitcoin, codenamed BTCPERP. Unlike traditional futures, this type of product has no fixed expiration date, allowing traders to hold their positions indefinitely.

Coinbase processes transactions through a Bermuda entity.

At the same time, the CFTC also advised Coinbase Financial Markets not to take enforcement action. According to the disclosure, this arrangement allows the subsidiary to provide U.S. clients with access to certain international options and perpetual futures products.

The transactions will be processed through Coinbase's Bermuda entity and will be categorized as foreign futures products. The article states that this provides a new compliant pathway for US clients to access certain digital commodity derivatives.

Kalshi plans to expand to include more currencies.

Kalshi stated that he hopes to expand perpetual contracts to more than ten other cryptocurrencies, but further regulatory review is still required.

CryptoQuant data shows that perpetual contract trading volume reached $61.7 trillion in 2025, a 29% increase from 2024. As the regulatory framework in the United States becomes clearer, the trading scenarios for perpetual products may continue to expand.