Kalshi Is Preparing To Launch Crypto Perpetual Futures In The United States, Beginning With Bitcoin-Linked Contracts, According To A Report From The Information.

The move would put the prediction market platform in direct competition with Coinbase, Robinhood, and the offshore venues that have long dominated demand for perpetual futures among US traders.

Kalshi is well-positioned to make the push. The company holds a CFTC Designated Contract Market licence and recently received regulatory approval to offer margin trading — two prerequisites that most would-be competitors lack.

The timing is deliberate. CFTC Chairman Brian Quintenz's predecessor, acting in March, signalled that the agency intends to permit "true perpetual futures" for digital assets on US soil, marking a significant departure from a regulatory posture that had effectively confined the product to offshore exchanges. $BTC and $ETH perpetual futures volumes grew from roughly $1 trillion in 2019 to $42 trillion by 2025, according to figures cited in the original report, illustrating the scale of the market Kalshi is targeting.

The company has been building anticipation around a product it is calling "Timeless," with a torus-themed launch video posted by CEO Tarek Mansour pointing to a reveal event in New York on April 27. Most observers have read the teaser as a direct reference to perpetual futures, which have no expiry date — hence the name.

Kalshi currently accounts for 89% of US prediction market volume, according to a Bank of America report, and was most recently valued at $2.2 billion following a funding round led by Coatue.