Prediction markets platform Kalshi is preparing to launch cryptocurrency trading in the US, according to a report from The Information, expanding beyond its core prediction markets business as competition intensifies in both sectors.
The platform plans to start by offering perpetual futures pegged to crypto tokens like bitcoin. people familiar with the matter told the publication.
Perpetual futures are a type of derivatives contract that allows traders to bet on the price of an asset without owning it and without a fixed expiration date. Unlike traditional futures, which settle at a point in time, perpetual contracts can be held indefinitely as long as traders maintain sufficient collateral. Prices are kept aligned with the underlying asset through funding payments between long and short positions, making them a primary product on many offshore crypto exchanges.
Kalshi’s move would put it in more direct competition with crypto platforms like Coinbase (COIN), which has been expanding its own prediction market and derivatives offerings. Coinbase does not yet offer true perpetual futures in the US, although it has introduced “perpetual-style” futures contracts with long-term maturities and has expressed interest in bringing more advanced derivatives products to the country. Other exchanges are moving in a similar direction, underscoring a broader push to capture demand that has historically flowed offshore.
Kalshi’s expansion comes as regulatory conditions in the United States begin to change, opening the door to products that have largely been marketed outside the country. The company already holds multiple licenses from the Commodity Futures Trading Commission (CFTC) and recently gained approval to offer margin trading, positioning it to enter the derivatives market.
The company is expected to start with perpetual stocks linked to cryptocurrencies, but could eventually extend the model to other asset classes, one of the people said.
Kalshi’s competitor Polymarket also announced plans to offer perpetual futures on its platform in a post on X on Tuesday, without providing additional details.
The move reflects a growing overlap between prediction markets and cryptocurrency trading platforms, which are increasingly competing for the same users. Several major crypto exchanges, including Coinbase, Crypto.com and Gemini, have introduced prediction market products, while crypto trading volumes have declined in recent months following a market crash.
At the same time, activity in prediction markets has increased, attracting both user participation and investor capital. That convergence is pushing platforms like Kalshi to expand their offerings as they compete for a shared merchant base.
UPDATE (April 21, 18:54 UTC): Added a paragraph about Polymarket’s announcement that it will offer perpetual futures.
