Regulatory approval for Kalshi’s BTCPERP marks the first US-listed bitcoin perpetual futures contract, unlocking a $85.7 trillion global market.
The Commodity Futures Trading Commission approved Kalshi’s BTCPERP, the first bitcoin-referenced perpetual futures contract for US investors. The move follows a no-action letter allowing Coinbase to connect US clients to global crypto derivatives markets, signaling broader regulatory openness to crypto leverage products.
Global crypto perpetual futures volume surged from $29 trillion in 2023 to $58.5 trillion in 2024, reaching $85.7 trillion in 2025. The US market, previously restricted, now faces a rush of entrants including Hyperliquid, Lighter, and major exchanges like Kraken and Robinhood.
HYPE, a leading perpetual futures platform, hit all-time highs on the news, reflecting investor anticipation of expanded US access to high-leverage crypto trading.