Kalshi Tests Crypto Perps Margin API as HYPE Surges 15% to $45

Kalshi has quietly released a hidden margin-trading API limited to crypto perpetual futures, marking its entry into leveraged 24/7 derivatives just weeks after launching Timeless contracts. The move intensifies competition with Hyperliquid, which began the period by launching HIP-4 zero-fee BTC binary markets that traded 6.05 million contracts on day one and captured early share from Polymarket. Hyperliquid later rebuffed CME and ICE calls for CFTC registration, saw RWA open interest hit a $2.6 billion record after the SpaceX synthetic launch, and watched whale positioning reach a neutral $4.23 billion. HYPE has rallied roughly 70% year-to-date and jumped 15% in the latest session while Bitcoin and Ethereum traded lower.