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Coinbase, Kalshi bring regulated perpetual crypto futures to US investors
On Friday, Coinbase and Kalshi introduced perpetual crypto futures, marking the first time such instruments are available to United States investors through domestic, regulated exchanges.
The Commodity Futures Trading Commission granted listing approval to both firms, effectively transitioning perpetual futures from a regulatory gray area into a formal onshore framework.
Perpetual futures trading volume reached $61.7 trillion in 2025, up 29 per cent on 2024, according to CryptoQuant; traders use leverage as high as 50-to-1 to amplify exposure to Bitcoin and Ethereum.
CFTC chairman Mike Selig wrote on Friday that the agency's approach will "limit excessive leverage, volatility and systemic risk," though a flash crash in Hyperliquid SPACEX-USDH this week wiped out $1.5 million.
President Donald Trump aims to cement America as the crypto capital of the world, a goal Selig described as a major step forward while the industry awaits permanent laws from Congress.
The regulatory approval for Kalshi to offer a bitcoin perp and the non-action letter received by Coinbase mark a turning point for crypto derivatives in the United States, a market that promises huge revenues, but also severe leverage risks. *** The CFTC gave Kalshi the green light to offer BTCPERP, while Coinbase obtained a non-action letter to connect US customers to global markets of perps and options. The global volume of crypto perps went f…