Kalshi adds XRP to regulated perpetual futures market
Kalshi is expanding its push into crypto derivatives with the launch of XRP perpetual futures, adding another major token to a product category long dominated by offshore exchanges. The rollout, which includes a limited-time zero-fee offer for users who join a waitlist, moves the CFTC-regulated prediction market further beyond its original event-contract business.
Highlights
- Kalshi has launched XRP perpetual futures for U.S. users.
- The company is offering zero trading fees for a limited time.
- Users must apply for margin access before trading perpetuals.
The company said earlier that perpetual futures were its largest product expansion since event contracts and that U.S. investors would be able to trade crypto perpetuals on a regulated platform. Unlike traditional futures, perpetual contracts have no expiration date and use periodic funding payments to keep prices close to the underlying spot market, CoinGape reports.
XRP follows Bitcoin and Ethereum
Kalshi had already moved into the category with Bitcoin and Ethereum perpetuals before adding XRP. The XRP contracts are live on Kalshi, with zero trading fees available for a limited period.
Perpetual futures trading is not automatically available to all users: U.S.-based customers must complete know-your-customer checks, apply for a margin account, and finish a required educational tutorial before placing a trade.
More tokens move into the queue
The XRP launch also points to a broader race to bring crypto derivatives under U.S. oversight. Kalshi has filed for or listed contracts tied to several other major tokens, including Solana, Dogecoin, Stellar, Shiba Inu, Hedera, and Hyperliquid. The CFTC has been reviewing non-Bitcoin perpetuals on a case-by-case basis, a cautious approach that reflects the leverage and volatility embedded in these instruments.
Perpetual futures are popular because they let traders go long or short without owning the token, but the structure also raises risk. Kalshi’s own explainer says leverage can magnify both gains and losses, and positions can be liquidated if collateral is exhausted. The company says funding rates are charged every eight hours.
Regulated access becomes the market test
According to Kalshi, offshore perpetual futures trading volume rose from $28 trillion in 2023 to more than $90 trillion in 2025. At the same time, open interest in crypto derivatives stands at about $54.9 billion for Bitcoin, $31.5 billion for Ethereum, $5.5 billion for Solana and $3 billion for XRP.
Moving more of this activity to regulated U.S. platforms could reshape liquidity, but it would also put pressure on regulators, who will have to manage leverage without weakening demand.
We have previously highlighted that Kalshi raises over $1 billion at a $22 billion valuation.
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