Kalshi Launches First CFTC-Approved Bitcoin Perpetual Contracts in the U.S.
Claire Weston
Kalshi's bitcoin perpetual futures contract BTCPERP went live on May 29 after CFTC approval — the first regulated perpetual futures product in the US — bringing a market long dominated by offshore platforms under American regulatory oversight.
What exactly is this product?
BTCPERP is a cash-settled bitcoin perpetual futures contract tracking CF Benchmarks' BRTI real-time index.
A perpetual contract — a futures contract with no expiry date that uses a funding-rate mechanism between longs and shorts to keep its price anchored to spot — has until now traded almost exclusively on offshore exchanges.
The contract unit is 1/10,000 BTC, trading 24/7 but still subject to exchange circuit-breaker halts.
This means → US traders can, for the first time, access perpetual contracts on a domestically regulated platform without routing through offshore venues.
Why did the CFTC approve it, and how fast?
Kalshi filed a voluntary product-approval request on May 28 under Commodity Exchange Act §5c(c)(4) and CFTC Regulation 40.3. It was approved the next day.
CFTC Chair Michael Selig called it "bringing one of the most liquid parts of the crypto-asset market into the US regulatory framework."
The same day, the CFTC issued a policy statement: other digital-commodity perpetual contracts will undergo case-by-case review under Regulation 40.3, with staff guidance on 24/7 trading and clearing operations.
In plain terms = the CFTC did not open the floodgates — it built a "one-at-a-time" approval framework. The door is open, but every product still needs its own pass.
What does this mean for Kalshi itself?
Kalshi was previously a pure prediction-market platform — a venue for betting on event outcomes. BTCPERP is its first derivatives product.
This means → Kalshi is expanding from the niche of "bet on election results" into the broader financial-derivatives arena.
This reflects a wider pattern: prediction-market platforms, once licensed by the CFTC, are leveraging that regulatory status to move into traditional derivatives.
Are other players following?
Coinbase Financial Markets received a CFTC no-action letter the same day, clearing it to route US customers to Deribit perpetual contracts and to accept BTC, ETH, and stablecoins as margin.
Kraken announced it will offer CFTC-regulated perpetual contracts to US traders via Kraken Pro, with the product listed by Bitnomial.
In plain terms = Kalshi is not moving alone — Coinbase and Kraken each secured their own regulatory clearance on the same day, and a US-regulated perpetual-futures market is effectively launching from zero overnight.
Content is for reference only, not financial advice.