CFTC Approves Kalshi to List $BTC Perpetual Futures Contract

The @CFTC has issued a formal order approving @Kalshi to list the $BTCPERP contract, a perpetual futures product that references the spot price of $BTC. The approval, announced on May 29, 2026, marks a significant moment for the US derivatives market.

A First for US-Regulated Markets

The CFTC issued the order to KalshiEX, LLC, a designated contract market, for the listing of the BTCPERP Contract as a futures contract that references the spot price of bitcoin. The order was issued under Section 5c(c)(4) of the Commodity Exchange Act and Commission Regulation 40.3. This is the first time a designated contract market has received federal approval to list a perpetual contract under that provision, bringing a product that has long existed offshore firmly within the US regulatory framework.

After reviewing the submission and associated materials, the Commission determined that the BTCPERP Contract complies with the Commodity Exchange Act and the Commission's regulations, including the Core Principles applicable to designated contract markets under Section 5(d) of the Act.

A Market Long Closed to US Traders

Kalshi becomes the first company in American history to offer perpetual futures contracts. The significance of that distinction is hard to overstate. Unlike standard futures contracts tied to a specific settlement date, perpetuals simply track whether an asset's price moves up or down. Offshore perpetuals grew from $28 trillion in annual volume in 2023 to over $90 trillion in 2025, making them one of the fastest-growing asset classes globally and one that has been entirely closed off to American institutions until now.

Pending further regulatory reviews, Kalshi aims to launch crypto perpetuals on more than a dozen currencies. The perpetual futures launch is Kalshi's most significant product expansion since the introduction of event contracts.

The move comes as the broader US regulatory environment has shifted toward accommodating these products. CFTC Chairman Michael Selig had previously signalled that the agency planned to allow perpetual futures contracts for cryptocurrencies, with the stated aim of helping the US recapture liquidity that had migrated to platforms in Asia, Europe, and the Bahamas.

Sources:
CFTC Official Press Release: Order for Approval of BTCPERP Contract
Kalshi Press Release via Business Wire: First-Ever Perpetual Futures in America