In its order on Friday, the CFTC indicated that a case-by-case process would be appropriate for U.S. companies eager to list perpetual futures beyond Bitcoin, noting that the class of derivatives overall “design may not be suitable for all asset classes.” That means Kalshi’s tranche of derivative offerings hasn’t actually been approved yet.
Notably, Kalshi’s derivatives wouldn’t be off-limits for customers in the U.S., a barrier that the CFTC symbolically cast aside when approving the firm’s move on Friday. Meanwhile, the CME moved to make trading for Bitcoin futures and options a round-the-clock endeavor.
Prediction market analyst Dustin Gouker noted to Decrypt that Kalshi moved to self-certify the derivatives under a similar process to how it established offerings based on events. The altcoin slate hit the CFTC’s desk alongside markets tied to NFL athletes’ performances.
Perpetual futures, or perps, have long been popular among crypto traders. Unlike traditional futures, the derivatives don’t feature an expiration date, allowing traders to speculate indefinitely amid periodic payments that keep prices anchored to underlying assets.
