KalshiEX Seals CFTC Approval for Bitcoin Perpetual Futures

KalshiEX has received approval from the Commodity Futures Trading Commission (CFTC) to offer Bitcoin perpetual futures contracts, marking a significant milestone for the U.S.-regulated crypto venue.

The approved contract, BTCPERP, is tied directly to Bitcoin's spot price and uses CF Benchmarks indices for funding and settlement reference pricing. This move aims to attract traders looking for regulated exposure without the counterparty risk associated with offshore exchanges.

Kalshi also lists Ethereum, Solana, XRP, and HYPE for perpetual futures trading, but faces stiff competition from established offshore venues that have built up years of order-book depth on these assets. To succeed, Kalshi must attract market makers willing to commit capital to thinner books, especially for altcoins.

The platform's minimum order sizes and funding intervals are already live, with traders closely watching the books. Execution quality is likely to be a key battleground, as traders tolerate friction if fills are good and funding rates stay predictable.