Kalshi rolls out the first U.S.-listed Bitcoin perpetual contract

CoinMarketCap reports that Kalshi has received approval from the U.S. Commodity Futures Trading Commission (CFTC), making it among the first firms authorized to offer Bitcoin perpetual contracts in the United States. The decision creates a regulated onshore route for crypto-derivatives trading, bringing a product long dominated by offshore venues into the domestic market. Kalshi said the CFTC has permitted it to list and trade a Bitcoin reference-based perpetual contract under the ticker BTCPERP. The regulator requires the product to remain in ongoing compliance with the Commodity Exchange Act and other applicable rules. Perpetual contracts, unlike standard futures, do not have an expiration date, allowing positions to be held indefinitely. The CFTC also issued a no-action letter to Coinbase, allowing its perpetual futures products to accept Bitcoin, Ethereum and stablecoins as collateral. Those products will be processed through Coinbase Bermuda and treated as offshore futures products for eligible customers. Kalshi CEO Tarek Mansour said the launch marks the company's move beyond prediction markets into regulated derivatives trading. Kalshi continues to address regulatory disputes tied to prediction markets, including ongoing litigation in Minnesota.