The Commodity Futures Trading Commission has approved Kalshi’s new perpetual futures contract tied to the spot price of bitcoin. This is the first time a U.S. regulated venue can list a so-called bitcoin perp—an instrument that tracks price without any set expiry date and has been central to offshore crypto trading for years. Kalshi, historically known for regulated prediction market events, submitted the BTCPERP contract under Commission Regulation 40.3, and the CFTC order requires the contract to be listed and maintained in compliance with the Commodity Exchange Act.
The bigger takeaway is market structure: a product long dominated by offshore crypto venues now has an onshore route in the U.S. under CFTC rules. So this is not just one more listing from Kalshi—it is an early sign of how regulated crypto derivatives could develop in the U.S.