Kalshi Enters Crypto Perpetual Futures Market, Challenging Coinbase and Robinhood

According to a report by The Information, Kalshi is expanding its services to include crypto trading in the US, moving beyond its core prediction markets business as competition increases in both sectors. The platform plans to introduce perpetual futures tied to cryptocurrencies like bitcoin, allowing traders to bet on asset prices without owning them and without fixed expiration dates. Unlike traditional futures, perpetuals can be held indefinitely with sufficient collateral, with prices aligned to the underlying asset through funding payments. This move places Kalshi in direct competition with crypto platforms such as Coinbase, which has been expanding its derivatives and prediction market offerings but does not yet offer true perpetual futures in the US. Kalshi’s expansion comes as US regulatory conditions begin to shift, opening the door for products that have largely traded outside the country. With multiple licenses from the Commodity Futures Trading Commission (CFTC) and recent approval for margin trading, Kalshi is positioned to enter the derivatives market, potentially extending its model to other asset classes over time. This development reflects the growing overlap between prediction markets and crypto trading platforms, competing for the same users as crypto exchanges introduce prediction market products and trading volumes decline.