The comparison may indicate how the US crypto derivatives market might evolve over the next few years. While spot Bitcoin ETFs have allowed traditional investors to gain exposure to Bitcoin through brokerage accounts, regulated perpetual futures could give retail and institutional traders access to one of crypto’s most popular trading instruments without the need to use offshore platforms.
Prediction market platform Kalshi, which launched perpetual futures in the United States last week, said on Wednesday its trading volume had already surpassed $1 billion.
Palmer argued that one of the reasons perpetual futures have been so successful outside the United States is their simplicity. Unlike dated futures contracts, which require traders to manage contract expirations and rollovers, criminals allow positions to remain open indefinitely.
“I think it’s a simple derivative structure compared to some of the nuances of dated futures,” he said. “If I buy a June [future]then it expires, and if I want to maintain my position, I have to throw it.
Kraken believes that removing these complexities — and possibly allowing crypto assets to be used as collateral — could help U.S. traders approximate the experience available in international markets, he said.
For now, the company views the launch of regulated criminals as a start. Although crypto derivatives generate billions of dollars in annual volume globally, Palmer said the U.S. market is still in its infancy.
