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Kalshi, Polymarket plan crypto perpetual futures
Kalshi plans to launch crypto-linked perpetual futures in the coming weeks, while rival Polymarket said it is also preparing perpetuals for its international exchange.
Perpetual futures are leveraged derivatives with no expiry, and Kalshi plans to start with bitcoin and other cryptocurrencies before expanding to commodities and other assets, while accepting US dollars as collateral and later adding stablecoins.
The move would push both companies deeper into crypto trading as the Commodity Futures Trading Commission considers oversight of perpetuals.
Polymarket’s product will be offered outside the regulator’s scope, while Kalshi recently secured a US margin trading license.
🔗 Source: Bloomberg
🧠 Food for thought
Implications, context, and why it matters.
Perpetuals deepen the fight between Kalshi and Polymarket
- Adding perpetuals sharpens the competition between Kalshi and Polymarket 1.
- Kalshi and Polymarket account for more than 97.5% of prediction market trading, a sector that reached about $50.25 billion in 2025 1.
- The race remains tight. Kalshi handled about $23.8 billion in 2025 volume, while Polymarket handled $22 billion 1.
- Both firms have strong financial backing. Polymarket got a $2 billion investment from Intercontinental Exchange (ICE), owner of the New York Stock Exchange, at a $9 billion valuation. Kalshi reached a $5 billion valuation after a $300 million funding round 2.
Perpetuals push regulators to draw a line between betting and trading
- With perpetual futures, these platforms move beyond event contracts and challenge the business of established crypto exchanges.
- That may bring more scrutiny over whether perpetuals serve as a hedging tool for regulated financial firms or amount to gambling outside the traditional financial system 3.
- Polymarket’s international model could help it win global trading volume while U.S. regulatory and jurisdiction fights play out 3.
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