One of the other things that’s crazy about Kalshi’s growth in perps is that it’s all happened without a pro terminal. Until this week. I’ve traded tens of billions in perps volume over the years and combining the perps + prediction markets for Bitcoin into one place makes this stack up with anything. Initial user growth has just been pure retail. This is the type of feature that matters for bringing on the heavy hitters, and getting the new retail that experimented with perps to stick around. Think it’s also a big part of the reason we’re seeing a shift in sentiment between the unregulated venues like hyperliquid recently. Insane part is all of this growth is happening in a bear market. Pretty bullish for what to expect over the next several years.(K A L E O)