Prediction market rivals Kalshi and Polymarket set sights on perpetual futures expansion

Polymarket says it plans to add perpetual futures trading soon, as reports indicate rival Kalshi is also preparing a move into derivatives. According to CoinDesk, Polymarket posted a video on X outlining plans to let users speculate on a range of markets with at least 10x leverage. The product lineup shown includes real-world assets such as gold and silver, equities including NVIDIA and Coinbase, and crypto assets such as Bitcoin. Kalshi has also been linked to plans for perpetual futures support, which would allow U.S. customers to trade non-expiring derivative contracts around the clock using so-called funding rates. For the sector's leading prediction-market platforms, perpetuals would push offerings beyond straightforward wagers on politics, finance, and sports, underscoring broader efforts to diversify revenue and expand product depth. Polymarket and Kalshi currently can offer futures and options under the U.S. Commodity Futures Trading Commission (CFTC) designated contract market framework. It remains unclear whether Polymarket intends to launch perpetual futures on its U.S.-facing platform, its international platform, or both. Decrypt reported it contacted both companies for comment. The push comes as CME Group, a major global derivatives venue, has been positioning around event-based products. Earlier this year, CME Group said it would partner with FanDuel to launch event contracts. Interest in perpetual futures has also been fueled by activity in crypto-native venues. Dune data shows the decentralized exchange Hyperliquid processed $148 billion in derivatives volume last month. In February, Hyperliquid said on X it plans to support "outcome trading," enabling prediction markets and option-like instruments, citing broad user demand. Elsewhere, crypto firms continue to expand derivatives offerings. Coinbase launched U.S. Bitcoin and Ethereum futures based on the Chicago Mercantile Exchange (CME) last July, offering similar contracts with a five-year term. On Tuesday, Coinbase partnered with Gemini to launch a prediction market, as both companies face two lawsuits filed by New York State alleging their sports- and entertainment-related offerings violate local gambling laws.