U.S. regulators approved perpetual futures contracts, drawing $1 billion in trading volume within a week of Kalshi’s launch.
Perpetual futures, a staple in crypto markets, have entered U.S. regulated exchanges after the CFTC approved Kalshi’s launch in June. The contracts surpassed $1 billion in trading volume within a week, marking the exchange’s strongest product debut since prediction markets.
Annual perpetual futures volume in crypto markets is estimated at $90 trillion, according to Bank of America. Unlike traditional futures, these contracts do not expire, relying on funding payments to align prices with underlying assets. Kalshi has since sought approval to expand into gold and silver perps.
Despite regulatory clearance, Wall Street banks remain cautious. Discussions about adoption are increasing, but firms are weighing whether the product is a lasting innovation or a retail-driven trend.