Coinbase and Kalshi are bringing regulated perpetual crypto futures to US customers after receiving approval from the Commodity Futures Trading Commission. The launch moves a major crypto trading product into a domestic framework after years of activity mainly taking place through offshore platforms.
Perpetual futures, often called perps, allow traders to take long or short positions without a fixed expiry date. These contracts have become one of the busiest crypto derivatives products, with trading volume reaching $61.7 trillion in 2025, according to CryptoQuant data.
Coinbase and Kalshi said Friday that they are introducing perpetual crypto futures for US investors through regulated domestic exchanges. The move marks the first time these products will be available to American customers within a local regulated exchange structure.
The approval places perpetual futures under CFTC oversight, giving traders access through a formal market framework. Until now, US users seeking these products often relied on offshore venues or faced limited access through less direct channels.
Kalshi filed its bitcoin-linked perpetual contract on May 29 under the CFTC’s voluntary review process for new contracts. The regulator found that the product met requirements under the Commodity Exchange Act.
The approved Kalshi contract, listed as BTCPERP, offers bitcoin price exposure without a set expiration date. Kalshi must operate the product in line with federal rules and CFTC requirements.
The CFTC also issued a policy statement on Friday covering perpetual futures products. The agency said new contracts tied to assets beyond current approved listings will need case-by-case regulatory review.
This means Kalshi’s plan to list perpetuals on more than a dozen other cryptocurrencies remains subject to further approval. The company said it wants to expand the product range, though each listing must pass the review process.
Meanwhile, Coinbase Financial Markets received a no-action determination from the CFTC for certain digital commodity derivatives. This allows the Coinbase unit to give US customers access to selected international options and perpetual futures products.
Those products will clear through Coinbase’s Bermuda entity under foreign futures rules. The structure gives Coinbase a regulated path to offer access while staying within the CFTC’s stated conditions.
Perpetual futures have grown fast as crypto traders seek flexible ways to trade volatility. These contracts do not expire, so traders can hold positions longer without rolling them into new futures contracts.
However, the products also carry clear risks. Perpetual futures can allow high leverage, sometimes up to 50-to-1, which can increase gains but also cause fast losses when prices move against a position.
Critics warn that retail traders may face losses if they do not understand leverage, margin calls, and liquidation rules. Even small price moves can erase a position when a trader uses high borrowed exposure.
Kalshi CEO Tarek Mansour said, “Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses.” He also said, “This marks Kalshi’s evolution from prediction market leader to next-gen derivatives exchange.”
The launch also expands Kalshi beyond prediction markets and into a larger derivatives segment. At the same time, Coinbase gains another regulated route to serve US crypto traders seeking perpetual futures access.
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