Let me tell you why this is cool and a *really* important financial product for retail. In finance, if you want to take on a risky position, you hedge it. That normally happens via options, futures and swaps that are time dated - at the end of that time frame, they resolve to the outcome, even if you still need the hedge. Dealers sell those options based on the possible path of outcomes which gets smaller and smaller closer to the end date, meaning you get squeezed. And most of these markets are efficiently priced and easy to move, so large dealers and market makers have an interest of squeezing the price inside a certain pocket when large batches of these options expire, and then letting the market move more directionally afterwards. This means you can frequently be correct on a hedge, pay a huge premium for it and still lose out, because you are forced out at a certain time. In the crypto space, a novel type of financial swap was created called "the perpetual future". You put up a percent of margin and buy the position. Instead of it expiring at a certain date, you simply pay a funding rate. That funding rate isn't a fee by the dealer, instead it's based on how long or short the market is compared to the price of the underlying asset, so that the derivative future follows the price of underlying market closely. That means you can have the position open for a long time and sometimes be up in funding. Perpetuals (or 'perps') are the most efficient way to hedge any financial asset, but because it's a novel mechanic regulators have been really slow to allow them. So far they mostly exist in crypto and in sketchy offshore Eastern European exchanges with questionable licenses, which is not where you want people doing their trading. I know that many in my circles are skeptical of prediction markets, or anything that started in the world of crypto. But here is the important takeaway: -Perpetuals are the *best* most cost efficient and fair way to hedge an asset if you aren't a big hedge fund or don't have a masters in finance Retail has lost the ability to compete in our financial market. If they are buying a hedge they are already over paying for it. Perpetuals make that more fair - and so getting one operating under US regulation is a HUGE win that we need to see more of. And Kalshi can do this because it is a regulated financial exchange, pairing together buyers and sellers on regulated financial products, in exchange for trade fees, and the structure of these derivatives is based on commodities regulations that are 100+ years old. No seedy sportsbook operator will ever be able to do that.(Adam Cochran (adamscochran.eth))