Kalshi perps volume tops $5.5B as it eyes markets beyond crypto
Kalshi’s perpetual futures push has crossed a major early volume mark, as the prediction market platform looks to expand the product beyond crypto-linked contracts.
- Kalshi’s perpetual futures volume crossed $5.5B within two weeks, according to Bloomberg’s latest market report.
- The platform now lists 11 crypto-linked contracts and is discussing more regulated products with regulators.
- World Cup and NBA Finals activity helped Kalshi record three straight $1B trading days recently.
According to Bloomberg, Kalshi said its perpetual futures products generated more than $5.5 billion in trading volume within two weeks of launch. The company now lists 11 contracts tied to crypto tokens and is speaking with regulators about additional products.
Fast start for Kalshi perpetual futures
Perpetual futures are contracts that do not expire. Bloomberg described them as “never-expiring derivatives,” a structure that lets traders hold long or short exposure without rolling into a new contract at a set date.
The volume mark also shows how quickly Kalshi has shifted from event contracts into a wider derivatives business. Its original prediction market model let users trade on real-world outcomes, while perpetual futures give traders direct exposure to asset prices.
Kalshi’s first wave of perpetual futures remains focused on digital assets. The company has listed contracts linked to crypto markets, while co-founder Tarek Mansour said Kalshi wants to expand the product into other asset classes over time.
Crypto contracts drive early adoption
As previously reported by crypto.news, Kalshi launched CFTC-approved Bitcoin perpetual futures in the United States after receiving approval for the BTCPERP contract on May 29. Reuters has reported that perpetual futures volume reached $61.7 trillion in 2025, showing why U.S. platforms want regulated access to a market long led by offshore exchanges.
The product tracks Bitcoin’s spot price and has no fixed expiration date. Kalshi now wants to extend that access even further.
Kalshi later added XRP and Solana perpetual futures, widening its regulated crypto derivatives lineup. Funding payments usually help keep perpetual futures close to spot prices. The structure can create steady trading activity, but leverage can also increase losses when prices move sharply against a trader.
Other filings covering assets such as Dogecoin, Shiba Inu, Stellar, Hedera, and Hyperliquid’s HYPE token have also moved through regulatory review or filing processes.
Regulator talks remain central
Kalshi’s next phase depends on talks with U.S. regulators. Bloomberg reported that the company is discussing more products with officials and plans to move beyond digital assets when it can do so under the proper framework.
The expansion comes as the CFTC reviews prediction market rules and event-contract oversight. As crypto.news reported earlier, the agency is preparing a framework that could affect platforms such as Kalshi and Polymarket as trading activity grows.
Sports markets add daily volume
Kalshi also reported more than $1 billion in daily trading volume for three straight days. The activity was driven in part by markets tied to the FIFA World Cup and NBA Finals, according to Bloomberg.
That sports-related activity has drawn regulatory attention in several states. As crypto.news previously reported, the CFTC sued New Mexico after state officials sought to apply gaming rules to Kalshi’s sports-related prediction contracts.
The lawsuit centers on whether federally regulated prediction market contracts fall under CFTC authority or state gaming law. The case adds pressure to a wider debate over how event contracts should operate in the United States.
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