Kalshi Weighs Launch of Crypto Perpetual Futures as It Expands Beyond Prediction Markets

US prediction-market platform Kalshi is exploring an expansion into crypto derivatives as it looks to broaden its business.

The Information reported on April 21, citing multiple sources, that Kalshi is preparing to launch perpetual futures tied to cryptocurrencies such as Bitcoin.

Perpetual futures are derivatives that let traders bet on price moves without an expiration date. The products can be traded with leverage and make up a large share of crypto-market activity. Unlike traditional futures, they do not require rollovers, allowing positions to be held continuously.

Kalshi currently runs a prediction market centered on binary contracts tied to event outcomes. If it launches the product, the company would expand its business model into continuous financial products. That could help it broaden its services to both retail and institutional investors.

Kalshi is regulated by the US Commodity Futures Trading Commission, a distinction that could give it a compliance advantage over offshore crypto-derivatives platforms.

CFTC Commissioner Michael Selig said crypto derivatives could be offered in the US in the near future, signaling a possible shift in the regulatory environment.

Industry participants say Kalshi's move could align with a broader policy push to bring crypto-derivatives trading onshore in the US, potentially reshaping the market structure.