Coinbase, Kalshi launch regulated perpetual crypto futures for U.S. investors

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Coinbase, Kalshi launch regulated perpetual crypto futures

Highlights

Coinbase and Kalshi launched regulated perpetual crypto futures in the U.S. after CFTC approval, moving these products under domestic oversight.
Perpetual futures trading volume is projected to reach $61.7 trillion in 2025, representing a 29% increase from 2024, according to CryptoQuant.
CFTC's new policy requires case-by-case reviews for perpetual contracts linked to new asset categories, signaling heightened regulatory scrutiny.

CFTC approval opens onshore market access

As reported by Reuters, the rollout comes after the Commodity Futures Trading Commission approved listings for the two firms, shifting perpetual futures from a regulatory gray area into the oversight of domestic exchanges. The regulator also issues a policy statement on Friday saying any new perpetual contracts tied to assets beyond currently approved listings face a case-by-case review process.

Perpetual futures, often called perps, do not have a traditional expiry date, allowing traders to keep positions open indefinitely without rolling contracts forward. The instruments also allow high leverage, sometimes up to 50-to-1, increasing both potential gains and the speed of losses.

Kalshi Chief Executive Tarek Mansour says in a statement that onshore, safe and regulated perps will improve capital allocation and risk management for many American businesses. He also describes the launch as part of Kalshi's evolution from a prediction market operator into a broader derivatives exchange.

Crypto derivatives growth brings opportunity and risk

By placing the contracts inside a CFTC-regulated structure, the exchanges aim to provide an alternative to offshore or less transparent venues that many investors previously used to access the market. The move represents a strategic expansion for Kalshi and a broader step toward bringing more crypto trading activity onto regulated U.S. platforms.

Demand for the contracts has grown as crypto traders seek ways to profit from volatility during a wider slump in token prices since October. According to CryptoQuant data cited in the report, perpetual futures trading volume reaches $61.7 trillion in 2025, up 29% from 2024.

Critics, however, warn that the products can expose retail traders to significant risk because leverage can quickly magnify losses. Even small adverse price moves can erase a position, underscoring concerns that these instruments require a level of sophistication many individual investors may not have.

Kalshi’s compliance and surveillance buildout was a key focus in our earlier article, as the prediction market operator moved to tighten controls amid concerns about suspicious trading and potential insider activity. We noted the company expanded its surveillance team with experienced hires and said it had flagged hundreds of questionable trades, reflecting rising regulatory scrutiny across prediction markets.

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