Source: Fortune
Summary
Kalshi, a US-based firm, has received approval from the Commodity Futures Trading Commission (CFTC) to offer perpetual futures contracts on Bitcoin, a novel kind of derivative popularized by crypto traders. This approval marks the first time US traders can access this type of financial instrument. Perps, as they are known, have gained popularity among non-crypto traders for trading oil and other commodities on weekends or betting on pre-IPO companies. The CFTC, led by Chairman Mike Selig, has been advocating for bringing perps onshore since December 2025.
Our Reading
The numbers tell one story.
Kalshi’s approval to offer perps brings US traders closer to accessing a sector that has exploded in popularity over the past year, with $86 trillion in perpetual futures volume processed by crypto exchanges last year. Perps’ entry to the US market marks the first time Kalshi has given its users access to this financial instrument. The move is seen as a significant step towards bringing perps onshore, with CFTC Chairman Mike Selig advocating for this since December 2025. Kalshi co-founder Luana Lopes Lara expressed excitement about the launch, while Hyperliquid, a blockchain-based perps exchange, has seen its market capitalization roughly double in the past three months.
The announcement sounds like a familiar story of regulatory approval paving the way for innovation.
Author: Evan Null
