Coinbase and Kalshi are bringing perpetual crypto futures to U.S. investors through regulated domestic exchanges, marking a major shift for a derivatives product that has long been popular in offshore crypto markets.
Perpetual futures move onshore
The Wall Street Journal shared that cryptocurrency exchange Coinbase and prediction markets platform Kalshi said on Friday that they are introducing perpetual crypto futures, making these instruments available to U.S. investors through domestic, regulated exchanges for the first time.
Perpetual futures, often called “perps,” are derivatives that do not have a traditional expiration date.
Reuters explained that perpetual futures allow traders to keep positions open indefinitely without rolling over contracts, unlike traditional futures that expire on a set date.
The products can also allow high levels of leverage, often as much as 50-to-1, giving investors a way to amplify exposure to price movements.
That leverage is part of why perpetual futures are popular in crypto trading, but it is also what makes them risky. A small move against a trader’s position can quickly wipe out their capital when leverage is high.
CFTC approval creates a regulated path
The launch follows approval from the Commodity Futures Trading Commission.
This move follows CFTC listing approval for Coinbase and Kalshi, effectively moving perpetual futures from a regulatory gray area into oversight by domestic exchanges.
The CFTC also issued a policy statement on Friday. The statement clarified the agency’s oversight of these contracts and required a case-by-case regulatory review process for new perpetual products tied to assets beyond currently approved listings.
This is important because U.S. traders have often had to use offshore platforms to access perpetual crypto futures. Bringing the products into CFTC-regulated venues could give investors a more formal framework, while also giving regulators more visibility into a high-volume crypto derivatives market.
Coinbase and Kalshi target safer access
The companies are positioning the launch as a safer alternative to offshore trading.
Coinbase and Kalshi aim to offer a secure alternative for institutional and retail investors who previously had to use opaque or offshore venues to access these products.
Kalshi CEO Tarek Mansour said that “onshore, safe, and regulated perps” will improve capital allocation and risk management for many American businesses.
For Coinbase, the move expands its regulated crypto derivatives push. For Kalshi, it marks a strategic expansion beyond prediction markets and into a much larger derivatives category.
Kalshi expands beyond prediction markets
Kalshi is best known as a prediction markets platform, but the perpetual futures launch gives it a new role in crypto derivatives.
The launch marks a major strategic shift for Kalshi as it moves beyond prediction markets into the broader, high-volume world of financial derivatives.
Mansour also said that the launch marks Kalshi’s evolution from a prediction market leader to a “next-gen derivatives exchange.”
That shift matters because perpetual futures are one of the most active product categories in crypto trading. If Kalshi can gain traction in regulated perpetual futures, it may compete in a market far larger than event contracts alone.
Trading volume is already massive
The market Coinbase and Kalshi are entering is huge.
Perpetual futures trading volume reached $61.7 trillion in 2025, up 29% from 2024, citing data from market data provider CryptoQuant.
That growth shows why regulated exchanges want a place in the market. Perpetual futures have become a core tool for crypto traders looking to profit from volatility, especially as token prices have faced pressure since October.
Retail risk remains a concern
The launch could make perpetual futures more accessible, but it also raises investor-protection questions.
Critics warn perpetual futures carry significant risk for retail traders because leverage can magnify losses rapidly, and even small adverse price moves can wipe out a position.
That concern will likely follow the product as it enters regulated U.S. markets. A domestic framework may provide more oversight, but it does not remove the basic risk of leveraged trading.
The Coinbase and Kalshi launch marks an important moment for U.S. crypto markets. It brings a major offshore-style product into regulated domestic venues, giving traders new access while giving regulators more control.
The real test will be whether regulated perpetual futures can attract demand without exposing everyday investors to risks they do not fully understand.
