Prediction markets platform Kalshi is preparing to launch cryptocurrency trading in the United States, specifically by offering perpetual futures contracts tied to major tokens like Bitcoin, according to a report from The Information. This strategic expansion moves the company beyond its core prediction markets business and into direct competition with established crypto platforms such as Coinbase and Robinhood.
Kalshi plans to start by offering perpetual futures for crypto tokens, with Bitcoin being a primary example. Perpetual futures are a popular type of derivatives contract that allows traders to speculate on an asset's price without owning it and without a fixed expiration date. Unlike traditional futures, perpetuals can be held indefinitely provided traders maintain sufficient collateral, with prices kept in line with the underlying asset through a funding payment mechanism between long and short positions.
This move places Kalshi in direct competition with Coinbase, which has been expanding its own derivatives and prediction market offerings. Notably, Coinbase does not yet offer true perpetual futures in the U.S., having introduced "perpetual-style" futures with long-dated expirations instead. The report indicates a broader industry push to capture demand that has historically flowed to offshore exchanges.
The expansion is facilitated by a shifting U.S. regulatory landscape. Kalshi already holds multiple licenses from the Commodity Futures Trading Commission (CFTC) and recently secured approval to offer margin trading, which positions it to enter the derivatives market. The company is expected to begin with crypto-linked perpetuals but could extend the model to other asset classes over time.
This development highlights the growing convergence between prediction markets and crypto trading platforms, as they increasingly compete for the same user base. Major crypto exchanges like Coinbase, Crypto.com, and Gemini have introduced prediction market products. Meanwhile, as crypto trading volumes have declined following a market downturn, activity in prediction markets has surged, drawing user engagement and investor capital. This trend is pushing platforms like Kalshi to diversify their offerings to capture a shared pool of traders.
