Kalshi Launches First CFTC-Approved Bitcoin Perpetual Futures Contract

Kalshi, a prediction market platform, has made history by launching the first bitcoin perpetual futures contract approved by the U.S. Commodity Futures Trading Commission (CFTC). The product, known as BTCPERP, allows for trading 24/7 with no expiry date and is settled in cash.

The launch of BTCPERP marks a significant development in the country's crypto derivatives market, which has been concentrated on overseas platforms such as Binance and Hyperliquid. Kalshi's CEO, Tarek Mansour, described perpetual futures as 'the purest form of trading' and sees it as part of the company's expansion from a prediction market into a broader derivatives exchange.

The CFTC approved the contract under Commission regulation 40.3 on May 29, and Kalshi has estimated that total overseas market trading in perpetual futures reached $92.9 trillion in 2025. The launch of a regulated U.S. product could bring significant changes to capital flows and market structure.