Kalshi and Polymarket are pushing to enter the perpetual futures market, a high-risk crypto trading product, CNBC reported on April 27.

CNBC said the expansion of leveraged trading by prediction market platforms could change crypto trading methods in the United States and the competitive landscape among platforms.

Perpetual futures are futures contracts with no maturity date. These products can offer up to 100 times leverage, making them highly risky.

Perpetual futures already far exceed spot trading in share. CoinGecko said perpetual futures now account for more than 70 percent of total trading volume at centralized cryptocurrency exchanges. CryptoQuant data showed notional perpetual futures trading reached $61.7 trillion in 2025, up 29 percent from 2024. Spot cryptocurrency trading totaled $18.6 trillion that year, up 9 percent.

If prediction market platforms enter the perpetual futures market, competition with Robinhood and Coinbase could also intensify. Robinhood partnered with Kalshi last year to launch a prediction market hub. The business became the company’s fastest-growing revenue product category, and more than 1 million people traded 11 billion contracts in 2025. Coinbase also began working with Kalshi in January this year.

Some also assess that the moves by prediction platform operators are not at a level that would immediately threaten the large existing platforms in the perpetual futures market. Owen Lau (오언 라우) of Clear Street saw it as a natural product expansion for Polymarket and Kalshi, but said it would not be easy to immediately attract users of Coinbase, Binance and Robinhood.

Dan Dolev (댄 돌레브) of Mizuho also assessed that the move is more defensive in nature than aimed at expanding market share.