[DigitalToday reporter Yoonseo Lee] Prediction market platform Kalshi has started trading bitcoin perpetual futures for U.S. retail investors.

On June 3 (local time), blockchain media outlet Cryptopolitan reported that Kalshi launched BTCPERP, a perpetual futures product approved for the first time by the U.S. Commodity Futures Trading Commission (CFTC).

The product is a bitcoin perpetual futures contract with no expiry date. It tracks the bitcoin spot price and is run with full cash settlement. Trading is set to take place 24 hours a day, 365 days a year, and the funding fee is designed based on the market spot price.

The key point is that bitcoin perpetual futures have started trading for the first time within the U.S. regulatory system. Until now, the market has been concentrated on overseas platforms such as Binance and Hyperliquid. U.S. institutions and investors have not had easy access through regulated channels. Kalshi's launch effectively creates a U.S. alternative to that structure.

Kalshi described the product on X, formerly Twitter, as the "first American perpetual future". The CFTC approved the contract on May 29 under Commission regulation 40.3. BTCPERP is also seen as the first case of Kalshi, known as a prediction market platform, expanding its business scope into a derivatives exchange.

Kalshi CEO Tarek Mansour (타렉 만수르) said in a CNBC interview, "Perpetual futures are the purest form of trading," and described it as part of a process of expanding from a prediction market into a broader derivatives exchange. He also argued that regulated perpetual contracts could help strengthen capital allocation and risk management across U.S. companies.

In terms of market size, perpetual futures are already a key pillar of the crypto derivatives market. Trading volume in 2025 was $61.7 trillion, up 29 percent from 2024, based on Reuters tallies. Kalshi estimated total overseas market trading at a higher $92.9 trillion in 2025. Given that most trading took place on overseas exchanges, the launch of a regulated U.S. product could bring significant changes to capital flows and market structure.

On the regulatory side, the possibility of follow-up reviews remains open. CFTC Chair Michael Selig said at a Milken Institute event in March 2026 that he expected U.S.-listed perpetual futures to emerge within the following month. The CFTC has said it will review other applications for perpetual futures contracts on a case-by-case basis.

Rivals are also preparing to enter the market. After raising funds in May 2026, Kalshi was valued at $2.2 billion and plans to expand its product lineup to more than 10 cryptocurrencies, subject to regulatory approval. Kraken said it would list its own CFTC-regulated perpetual futures for bitcoin and other cryptocurrencies within 30 days of Kalshi's approval. Robinhood and Gemini have also signaled interest in the same market.

As a result, the U.S. crypto derivatives market is more likely to partially shift from an overseas-centered structure to a regulated domestic market. Key points to watch are whether Kalshi can expand into products beyond bitcoin and whether competing platforms will in fact win follow-up approvals and enter a battle for market share.

Bitcoin Perpetuals are now live for trading. The First American Perpetual Future. Only on Kalshi. pic.twitter.com/P8oXcFeosy