CFTC Approves Bitcoin Perpetual Futures on Prediction Market Kalshi
The CFTC approved Kalshi to offer Bitcoin-linked perpetual futures in the U.S., signaling growing regulator acceptance of the product. Kalshi said it expects to launch within a month and called this its biggest expansion since event contracts. Perpetual futures let traders speculate indefinitely on price moves and are already dominated by Hyperliquid offshore. Kalshi argues onshore, regulated perps could improve capital allocation and risk management and says the market has been effectively closed to U.S. institutions. The CFTC said Kalshi must still comply with Commodity Exchange Act rules and noted perpetuals may not suit every asset. The approval follows prior CFTC action under former chair Caroline Pham allowing Bitnomial to offer similar products. Other firms, including Polymarket, Coinbase, and Kraken, have also moved into or around perps, though some offerings have limited terms rather than true perpetual structures.
