Cryptocurrency exchange Coinbase and prediction markets platform Kalshi said on Friday they are introducing perpetual crypto futures, marking the first time such instruments will be available to U.S. investors through domestic, regulated exchanges.
Perpetual futures, or "perps", are derivatives that lack a traditional expiration date, allowing traders to maintain positions indefinitely without the need to roll over contracts. These instruments also permit high degrees of leverage - often as much as 50-to-1 - enabling investors to amplify their exposure to market moves.
The move follows Commodity Futures Trading Commission listing approval for the two firms, effectively transitioning perpetual futures from a regulatory gray area into the oversight of domestic exchanges, providing a formal onshore framework.
The CFTC, however, also issued a policy statement on Friday clarifying its oversight of such contracts, mandating a case-by-case regulatory review process for any new perpetual products referencing assets beyond current approved listings.
By housing these contracts within a CFTC-regulated framework, the exchanges aim to offer a secure alternative for institutional and retail investors previously forced to navigate opaque or offshore venues for access.
"Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses," Tarek Mansour, CEO of Kalshi, said in a statement.
The contracts have surged in popularity over the past year, as crypto traders have sought new ways to profit from volatility amid a broader slump in token prices since October.
Perpetual futures trading volume reached $61.7 trillion in 2025, up 29% on 2024, according to data from market data provider CryptoQuant.
Critics warn that perpetual futures introduce significant risks for retail participants. Because leverage can magnify losses rapidly, even minor adverse price fluctuations can wipe out a position, creating a landscape that experts say requires a level of sophistication that individual investors may not always possess.
The launch signifies a major strategic shift for Kalshi, moving it beyond its roots as a prediction market into the broader, high-volume world of financial derivatives.
"This marks Kalshi's evolution from prediction market leader to next-gen derivatives exchange," Mansour said.
