TL;DR:
- Kalshi launched BTCPERP, Bitcoin perpetual futures for U.S. traders, calling it the first true perpetual contract cleared and listed under direct CFTC oversight.
- The cash-settled dollar product has no expiration, tracks Bitcoin continuously and uses an eight-hour funding mechanism to stay aligned with spot markets.
- Kalshi is building domestic order books, planning stablecoin collateral and pursuing filings for perpetuals across a dozen additional digital currencies, as competition with Coinbase intensifies.
Kalshi has opened a new front in U.S. crypto derivatives by launching Bitcoin perpetual futures directly to American traders. The product, listed as BTCPERP, is being presented as the first true perpetual contract cleared and listed under direct CFTC oversight. The landmark is not just another Bitcoin product, but regulated access to a market structure long dominated offshore, giving U.S. participants a domestic route into the most popular trading format without relying on non-U.S. venues.
Bitcoin perps move onshore under CFTC oversight
The mechanics are designed to feel familiar to global crypto traders while fitting a U.S. regulatory wrapper. Unlike traditional futures, Kalshi’s perpetual contracts have no fixed expiration date, removing the need to roll positions before monthly or quarterly settlement. They are cash-settled in U.S. dollars and track Bitcoin’s spot price around the clock. The product brings continuous exposure into a regulated clearing model, using an embedded funding-rate mechanism that recalculates every eight hours to keep the contract aligned with the global spot index.
Kalshi is also matching Bitcoin’s always-on market rhythm with 24/7 trading, clearing and settlement. That continuous operating model prompted CFTC Division of Clearing and Risk staff advisories focused on weekend and overnight risk management, a reminder that regulated crypto infrastructure must function when traditional markets usually sleep. The regulatory challenge is operational endurance, because a perpetual market cannot rely on banking-hour assumptions when Bitcoin liquidity, volatility and collateral stress can emerge at any moment.
The launch also signals a competitive shift. Kalshi CEO Tarek Mansour described prediction markets as snapshots of what the world thinks at a moment, while perpetual futures act more like a continuous film of investor conviction. Kalshi is already pursuing filings for perpetual contracts across a dozen additional digital currencies, aiming to become a domestic liquidity venue for compliant crypto derivatives. The race is now about who builds the U.S. perp market first, with Coinbase also cleared to expand retail derivatives while planning to connect U.S. clients to Deribit’s global liquidity. Kalshi, by contrast, is building order books from scratch under one domestic clearing umbrella. Standard dollar collateral backs the product today, with compliant stablecoin collateral planned later this fiscal quarter. For U.S. traders, that could mark the beginning of a more institutional, less offshore era for regulated crypto leverage.
