Prediction markets platform Kalshi is preparing to launch crypto trading in the United States, according to a report from The Information, expanding beyond its core prediction markets business as competition heats up in both sectors.
The platform plans to start by offering perpetual futures contracts linked to crypto tokens such as bitcoin. people familiar with the matter told the publication.
Perpetual futures are a type of derivative contract that allows traders to bet on the price of an asset without owning it and without a fixed expiration date. Unlike traditional futures contracts, which settle at a fixed time, perpetual contracts can be held indefinitely as long as traders maintain sufficient collateral. Prices remain aligned with the underlying asset through funding payments between long and short positions, making it a staple on many offshore crypto exchanges.
Kalshi’s move would put it in more direct competition with crypto platforms such as Coinbase (COIN), which has expanded its own derivatives and prediction market offerings. Coinbase does not yet offer true perpetual futures contracts in the United States, although it has introduced “perpetual” type futures contracts with long-term expirations and has expressed interest in introducing more advanced derivatives products to the domestic market. Other exchanges are moving in a similar direction, highlighting a broader desire to capture demand that has historically flowed to offshore locations.
Kalshi’s expansion comes as regulatory conditions in the United States begin to change, opening the door to products being widely marketed outside the country. The company already holds several licenses from the Commodity Futures Trading Commission (CFTC) and recently received approval to offer margin trading, positioning it to enter the derivatives market.
The company is expected to start with crypto-linked perpetuals, but could expand the model to other asset classes over time, one of the people said.
Kalshi’s competitor Polymarket also announced plans to offer perpetual futures on its platform in an article on X on Tuesday, without providing additional details.
The move reflects a growing overlap between prediction markets and crypto 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 downturn.
At the same time, activity in prediction markets has increased, attracting both user engagement and investor capital. This convergence is pushing platforms like Kalshi to expand their offerings as they compete for a common base of merchants.
UPDATE (April 21, 6:54 p.m. UTC): Added a paragraph about Polymarket announcing that it will offer perpetual futures.
