US-based trading platform Kalshi has received approval from the US Commodity Futures Trading Commission (CFTC) to launch Bitcoin perpetual futures, becoming the first company to compliantly offer such products in the United States. Perpetual contracts have long been concentrated on offshore crypto platforms; this approval signifies that this product category is beginning to enter the US regulatory system.
CFTC approves product launch
CFTC Chairman Mike Selig stated that the regulator has allowed a CFTC-registered exchange to list genuine Bitcoin perpetual contracts. He said this paves the way for one of the most liquid trading categories in the crypto market to be included in the U.S. framework.
Kalshi co-founder Luana Lopes Lara also stated that the company began developing this product at the end of 2024 and has now officially launched the first perpetual futures product in the United States.
Bitcoin perpetual implementation first
Perpetual futures are a type of futures contract without a fixed expiration date. Compared to traditional futures, traders do not need to repeatedly roll over their positions within a fixed period, making them more suitable for continuous holding and short-term trading. These products typically also come with higher leverage and have historically been popular primarily on cryptocurrency trading platforms.
- The current approval scope only covers Bitcoin futures contracts.
- Kalshi is a registered trading platform regulated by the CFTC.
- For the first time, US users can access truly perpetual contracts through a domestic platform.
US market channel expansion
Previously, US users typically had difficulty directly trading true perpetual contracts, with the demand largely flowing to offshore platforms. While Coinbase has launched similar products in the US, it has not yet offered perpetual contracts in the standard sense.
The report, citing data from CoinGecko, states that perpetual futures trading volume on cryptocurrency exchanges reached $86 trillion in 2025. As this tool enters the US market, its application is expanding; in addition to crypto assets, some traders are already using it for trading commodities such as crude oil.
Hyperliquid drives increased attention
Hyperliquid, an on-chain perpetual contract platform, has garnered continued attention in recent months. Reports indicate that its market capitalization has roughly doubled in the past three months, and it has become a venue for some traders to position themselves around events such as the Middle East situation.
Jeffrey Sprecher, CEO of Intercontinental Exchange (ICE), also mentioned Hyperliquid at a public event this week, praising its team and product direction.
