Kalshi became the first U.S.-based firm to receive regulators’ blessing to offer a perpetual futures product, which is a novel kind of derivative that was popularized by crypto traders. While this approval only extends to futures contracts on Bitcoin, perpetual futures—known among traders as “perps”—have lately become popular among non-crypto traders who use the instrument as a vehicle to trade oil and other commodities on the weekends, or to bet on pre-IPO companies.
The CFTC, led by Trump appointee Chairman, Mike Selig, approved the Kalshi request to offer perps. Selig has been an advocate for bringing perps onshore since being confirmed as CFTC chairman in December 2025.
