Kalshi crypto perps hit $5.5 billion in two weeks

Kalshi, a regulated prediction market platform, has reported over $5.5 billion in trading volume for its cryptocurrency perpetual futures contracts within two weeks of their launch, signaling strong initial demand for compliant derivatives in the United States. The Commodity Futures Trading Commission approved the company’s first Bitcoin-linked perpetual futures contract last month, and the product officially went live on June 3.

The platform’s rapid growth included three consecutive days where daily trading volume exceeded $1 billion, a surge attributed in part to user activity tied to major sporting events like the ongoing FIFA World Cup and the recently concluded NBA Finals. Kalshi currently lists 11 perpetual contracts tied to various crypto tokens, including Bitcoin, XRP, and Solana. Perpetual futures are derivative contracts with no expiration date, using a periodic funding rate to keep their price aligned with the underlying asset’s spot price. They have become among the most heavily traded products in global crypto markets, but have largely been offered by offshore exchanges.

The CFTC’s approval was described as a historic step toward bringing a major crypto derivative...