Key Takeaways:
Kalshi moved to expand its crypto derivatives lineup beyond Bitcoin on Monday, filing to list perpetual futures tied to 12 altcoins as US regulators signaled a case-by-case approach to onshoring the $60 trillion market.
The CFTC-regulated exchange submitted product certifications for contracts tied to XRP, Solana, Ethereum, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot and Hedera, according to filings published June 1. The products were certified under KalshiEX and categorized as futures tied to financial instruments.
"Perpetual futures are finally coming to America," Kalshi said in a social media post. The New York-based exchange received approval for its first Bitcoin perpetual futures contract on May 29, with CFTC Chair Mike Selig declaring the agency would "use the tools at its disposal to onshore crypto asset perpetuals."
The CFTC indicated in its May 29 order that a case-by-case process would be appropriate for perpetual futures beyond Bitcoin, noting the derivatives "design may not be suitable for all asset classes." That means Kalshi's altcoin slate has not yet received approval, though the filing puts the products before regulators for review.
The filing places Kalshi in direct competition with Kraken, which announced plans last week to launch CFTC-regulated perpetual futures within 30 days. Kraken's contracts will list on Bitnomial Exchange, a CFTC Designated Contract Market acquired by Payward, Kraken's parent company. Eligible clients will trade perps tied to BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX on Kraken Pro.
Bitcoin anchors crypto's derivatives market with $54.9 billion in open interest, followed by Ethereum at $31.5 billion, Solana at $5.5 billion and XRP at $3 billion, according to CoinGlass. Annual trading volume for perpetuals surpassed $60 trillion in 2025, with most activity historically concentrated on offshore platforms such as Binance.
Kalshi's filing also included markets tied to NFL athletes' performances, signaling the company's broader push beyond prediction markets into a full-service derivatives exchange. CEO Tarek Mansour described the move as "Kalshi's evolution from prediction market leader to next-gen derivatives exchange."
The contracts feature continuous pricing with no expiration date and an eight-hour funding rate mechanism, matching the conventional format used globally for crypto perpetuals. If approved, the products would give US traders access to altcoin leverage through a CFTC-regulated venue for the first time.
This article is for informational purposes only and does not constitute investment advice.
