Kalshi has become the first U.S. prediction market to secure CFTC approval for a Bitcoin perpetual futures contract, opening a regulated path for round‑the‑clock BTC trading in the country. At the same time, rival Polymarket is rolling out its own invitation‑only perpetual products and plans to widen access in the coming weeks, setting up a new race between prediction platforms.
CFTC Clears Kalshi’s BTCPERP Contract
Recently, the Commodity Futures Trading Commission issued an approval order allowing KalshiEX, a designated contract market, to list its BTCPERP contract as a futures product. The CFTC described BTCPERP as a perpetual contract tied to the spot price of Bitcoin and said the exchange filed it through the agency’s formal review process.
After reviewing Kalshi’s submission, the CFTC said the contract complies with the Commodity Exchange Act and the core principles that apply to designated contract markets. The order also requires Kalshi to list and maintain BTCPERP in accordance with current rules and any future changes the Commission adopts.
BTCPERP is a Bitcoin perpetual futures contract with no expiry date, so traders do not need to roll positions into new delivery months. Instead, a funding rate helps keep the contract price close to the BTC spot market, using a structure that has long been common on major crypto derivatives platforms. Soon after the approval, Kalshi announced on X that it had launched Bitcoin perpetual contracts and described the move as a step beyond traditional event markets.
Polymarket’s Early‑Access Perpetual Markets
Polymarket has answered Kalshi’s move with a perpetual futures product of its own, starting with invitation‑only and early‑access trading. The platform, which built its reputation on markets tied to real-world events, plans to open these perpetual markets to the broader public in the coming weeks.
According to the project’s announcements, users will be able to trade perpetual futures on crypto and other assets without waiting for contracts to expire. The structure allows traders to maintain continuous long or short exposure, provided they meet margin and funding requirements.
In its messaging, Polymarket says the new contracts allow users to “go long or short the markets you know 24/7,” emphasizing constant access over expiry cycles.
Together, Kalshi’s regulated Bitcoin perp and Polymarket’s staged launch show how prediction markets are moving closer to mainstream derivatives trading while still trying to keep their event‑driven roots.
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