What to know : Kalshi plans to launch crypto perpetual futures trading in the United States, expanding beyond its core prediction markets business as competition intensifies. The company will start with perpetual futures tied to tokens such as bitcoin, leveraging its CFTC licenses and recent approval to offer margin trading. The move highlights growing convergence between prediction markets and crypto exchanges, as platforms like Coinbase, Crypto.com and Gemini vie for the same traders amid softer crypto volumes and rising prediction market activity.
Prediction markets platform Kalshi is preparing to launch crypto trading in the U.S., according to a report from The Information, expanding beyond its core prediction markets business as competition intensifies across both sectors.
The platform plans to start by offering perpetual futures tied to crypto tokens such as bitcoin , people familiar with the matter told the publication.
Perpetual futures are a type of derivatives contract that allow traders to bet on the price of an asset without owning it and without a fixed expiration date. Unlike traditional futures, which settle at a set time, perpetuals can be held indefinitely as long as traders maintain sufficient collateral. Prices are kept aligned with the underlying asset through funding payments between long and short positions, making them a core product on many offshore crypto exchanges.
Kalshi’s move would place it in more direct competition with crypto platforms such as Coinbase (COIN), which has been expanding its own derivatives and prediction market offerings. Coinbase does not yet offer true perpetual futures in the U.S., though it has introduced “perpetual-style” futures contracts with long-dated expirations and has signaled interest in bringing more advanced derivatives products onshore. Other exchanges are moving in a similar direction, underscoring a broader push to capture demand that has historically flowed to offshore venues.
Kalshi’s expansion comes as regulatory conditions in the U.S. begin to shift, opening the door for products that have largely traded outside the country. The company already holds multiple licenses from the Commodity Futures Trading Commission (CFTC) and recently secured approval to offer margin trading, positioning it to enter the derivatives market.
The firm is expected to begin with crypto-linked perpetuals but could extend the model to other asset classes over time, one of the people said.
The move reflects growing overlap between prediction markets and crypto trading platforms, which are increasingly competing for the same users. Several major crypto exchanges, including Coinbase, Crypto.com and Gemini, have introduced prediction market products, while crypto trading volumes have declined in recent months following a market downturn.
At the same time, activity in prediction markets has surged, drawing both user engagement and investor capital. That convergence is pushing platforms like Kalshi to broaden their offerings as they compete for a shared base of traders.
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