Cryptocurrency exchange Coinbase and prediction markets platform Kalshi announced the launch of regulated perpetual crypto futures for US investors.
Perpetual futures, or "perps," are derivatives without an expiration date, allowing traders to hold positions indefinitely with high leverage, often up to 50:1.
The move follows approval from the Commodity Futures Trading Commission (CFTC), transitioning perpetual futures from a regulatory gray area to onshore exchanges.
The CFTC also issued a policy statement requiring case-by-case review for new perpetual products referencing assets beyond approved listings.
Tarek Mansour, CEO of Kalshi, said: "Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses."
Trading volume in perpetual futures reached $61.7 trillion in 2025, up 29% from 2024, according to CryptoQuant.
