Cryptocurrency exchange Coinbase (COIN) and prediction markets platform Kalshi said on Friday that they are introducing perpetual crypto futures for US customers. It marks the first time these trades will be ​available to U.S. investors through domestic, regulated exchanges. The move follows Commodity Futures Trading Commission listing approval for the two firms, effectively transitioning perpetual futures from a regulatory ‌gray area into the oversight ⁠of domestic exchanges, providing a formal onshore framework.

Kalshi filed the product on May 29 under the CFTC’s voluntary review framework for new contracts. The regulator found that the contract met the Commodity Exchange Act. The company now wants to list perpetuals on more than a dozen other cryptocurrencies, pending further regulatory review.

“Onshore, safe, and regulated perps will improve capital allocation and risk management for countless American businesses,” Tarek Mansour, CEO of Kalshi, said in a statement. The contracts have surged in popularity over the past year, as crypto traders have sought new ways to profit from volatility amid a broader slump in token prices since October. Perpetual futures trading volume ‌reached $61.7 trillion in 2025, up 29% on 2024, ​according to data from market data provider CryptoQuant.

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The CFTC granted regulatory approval to KalshiEX for launching a bitcoin-linked perpetual futures instrument designated as BTCPERP. This financial product provides market participants with bitcoin price exposure while eliminating traditional expiration requirements. KalshiEX must operate this offering in full compliance with the Commodity Exchange Act and associated regulatory mandates. In addition, the federal regulator simultaneously granted a no-action determination to Coinbase Financial Markets concerning digital commodity derivatives instruments. This regulatory stance permits the Coinbase subsidiary to facilitate U.S. customer access to select international options and perpetual futures products. These offerings will process through Coinbase’s Bermuda entity under foreign futures regulatory classification.