Kalshi's US Crypto Perpetual Futures Surpass $1 B Volume in First Week

Kalshi, a CFTC‑regulated U.S. prediction‑market exchange, launched a suite of crypto perpetual futures—including Bitcoin, Ethereum, XRP and other altcoins—on June 3. The cash‑settled contracts trade without a fixed expiration date and are settled against CME’s CF benchmarks. Within seven days the newly offered products generated more than $1 billion in notional trading volume, with over $100 million traded in the first 24 hours. A waitlist of over one million users and a recent $1 billion Series F funding round that valued Kalshi at $22 billion underscore strong demand.

The firm has also filed with the CFTC to list perpetual futures for Hyperliquid’s native HYPE token, expanding its crypto‑derivatives catalogue and intensifying competition with platforms such as Binance and Coinbase. In parallel, Kalshi is piloting a high‑performance trading terminal for active “sharps,” offering real‑time contract data, live trade feeds and customizable workspaces, though a public launch date and pricing remain unannounced. The rapid uptake of regulated perpetual futures marks a shift for U.S. traders, who previously could only access such products on offshore, unregulated exchanges.

Regulatory safeguards include mandatory KYC checks and ongoing market surveillance, with Kalshi planning stricter employment‑data collection for traders to enhance market integrity. The company’s expansion aims to bring the $90 trillion global perpetual‑futures market within a compliant U.S. on‑ramp, potentially reshaping institutional and retail participation in crypto derivatives.