Kalshi Enters Crypto Market With Perpetual Futures Trading

Prediction-market platform Kalshi is expanding into crypto by offering perpetual futures on cryptocurrencies such as Bitcoin (BTCUSD). The move pits Kalshi against crypto exchanges like Coinbase (COIN.OQ) and offshore venues such as Binance, potentially capturing trading volume as Kalshi leverages its recent >$1 billion fundraise and $22 billion valuation. Bernstein projects prediction-market volumes could surge from about $50 billion last year to $1 trillion by 2030, underscoring the growth opportunity. Regulatory limits mean perpetual contracts remain largely off-limits to many U.S. retail traders today, so Kalshi’s launch could pressure incumbents if it secures approval or finds compliant ways to offer derivatives in the U.S. Overall, the development signals increased competition in crypto derivatives markets and may influence trading flow and market share among major platforms.