Kalshi's 'Timeless' Bitcoin Perps Rollout Challenges Offshore as Polymarket Expands

Kalshi and Polymarket are advancing into crypto perpetual futures, with Kalshi's CFTC-regulated 'Timeless' launch set for April 27 using USD collateral for Bitcoin contracts via Kinetic Markets FCM. Reports emerged April 21 on Kalshi's plans to compete with Coinbase, Robinhood, and offshore venues, amid $86.2T yearly perps volumes (+47% YoY), Polymarket's $1B monthly crypto trading, and 192M March transactions. BTC trades at $75,218 (-0.86%) with $1.52T market cap as regulated onshore options intensify liquidity competition.