Prediction market platform Kalshi's perpetual futures have already crossed $1 billion in trading volume within a week of their launch last week, the company shared exclusively with CNBC.
The company officially launched trading on crypto perpetual futures, or "perps," on Wednesday, and in the first 24 hours saw more than $100 million in volume. Volumes are notional, which means leverage traders take in their contracts is included in that figure.
Perps are futures contracts with no expiration date that allow traders to speculate on a price without owning the underlying asset. Contracts track the price of an asset continuously, with funding payments keeping the perpetual contract price aligned with the market.
The asset class has over $90 trillion in annual global volume, according to Bank of America, but before Kalshi there wasn't a way to trade the contracts in the U.S.
(Kalshi CEO Tarek Mansour will make an appearance on CNBC's "Fast Money" on Tuesday at 5 p.m. ET.)
Kalshi received regulatory approval from the Commodity Futures Trading Commission on May 29 to be the first company in the U.S. to offer perp contracts. Coinbase on the same day also received approval from regulators to offer its U.S. traders access to global perp contracts through an affiliate.
Pent up domestic demand has been reflected on Kalshi since the launch. A spokesperson said that at one point the waitlist to access perps on the platform had more than 1 million people on it, and that it's the fastest growing product in the company's history. It took Kalshi 40 months to see $1 billion in trading volumes across its event contracts.
Perpetuals marked the company's biggest product launch since it first launched its prediction markets.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
Facts Only
Kalshi launched crypto perpetual futures contracts on Wednesday.
Trading volume exceeded $1 billion within a week of launch.
The first 24 hours saw over $100 million in trading volume.
Perpetual futures are contracts with no expiration date, tracking asset prices continuously.
Kalshi received CFTC approval on May 29 to offer perp contracts in the U.S.
Coinbase also received regulatory approval on the same day to offer U.S. traders access to global perp contracts.
Kalshi's perp contracts waitlist had over 1 million people at one point.
The asset class has over $90 trillion in annual global volume.
Kalshi took 40 months to reach $1 billion in trading volume across its event contracts.
Kalshi's CEO will appear on CNBC's "Fast Money" on Tuesday at 5 p.m. ET.
CNBC and Kalshi have a commercial relationship, including a minority investment.
Perpetual futures are Kalshi's fastest-growing product in its history.
Executive Summary
Kalshi, a prediction market platform, has launched perpetual futures contracts in the U.S., achieving over $1 billion in trading volume within a week. The contracts, known as "perps," allow traders to speculate on asset prices without expiration dates, with funding mechanisms to align prices with the market. Kalshi received regulatory approval from the Commodity Futures Trading Commission on May 29, becoming the first U.S. company to offer such contracts. Coinbase also gained approval to provide U.S. traders access to global perp contracts through an affiliate. Kalshi's launch saw $100 million in volume in the first 24 hours, with a waitlist exceeding 1 million people. The asset class has an estimated $90 trillion in annual global volume, but U.S. traders previously lacked access. Kalshi's CEO will discuss the launch on CNBC's "Fast Money." The company has a commercial relationship with CNBC, including a minority investment.
The rapid adoption highlights pent-up demand for perpetual futures in the U.S., with Kalshi's perps becoming its fastest-growing product. The platform previously took 40 months to reach $1 billion in trading volume across its event contracts. Perpetual futures represent a significant expansion of Kalshi's offerings beyond prediction markets. The regulatory approval marks a milestone for U.S. crypto derivatives trading, with both Kalshi and Coinbase entering the space simultaneously. The notional trading volumes include leverage, reflecting the speculative nature of these contracts.
Full Take
The launch of perpetual futures by Kalshi represents a significant shift in U.S. crypto derivatives markets, but the narrative warrants scrutiny. The strongest version of this story highlights genuine regulatory progress and pent-up demand, with Kalshi and Coinbase simultaneously gaining approval to offer these products. The $1 billion volume in a week is impressive, though it's important to note that these are notional figures including leverage, which can amplify both gains and losses. The article frames this as a milestone for U.S. traders, but it's worth asking whether the regulatory approval process adequately addresses the risks of perpetual futures, which are complex instruments often associated with high volatility and liquidation risks.
Patterns detected: ARC-0024 Ambiguity (the use of "notional" volumes without immediate clarification could mislead readers about actual capital at risk), ARC-0043 Motte-and-Bailey (the framing of this as a "liberation" for U.S. traders without addressing the risks inherent in perpetual futures).
The root cause here is the tension between financial innovation and investor protection. The narrative assumes that regulatory approval equates to safety, but perpetual futures remain controversial due to their complexity and the potential for significant losses, especially for retail traders. The article doesn't explore whether the CFTC's approval includes specific safeguards for retail participants or whether this is primarily an institutional product. The implications are substantial: while this expands access to a $90 trillion market, it also exposes more traders to leveraged products that can amplify losses. Who benefits? Institutional players and platforms like Kalshi and Coinbase stand to gain from trading fees and liquidity. Who bears the costs? Retail traders who may not fully understand the risks.
Bridge questions: What specific risk management measures are in place for retail traders using these contracts? How does the CFTC's approval compare to regulatory approaches in other jurisdictions where perpetual futures are already traded? What percentage of the $1 billion volume comes from retail versus institutional traders?
Counterstrike scan: If this were part of a coordinated influence campaign, the playbook would emphasize "financial freedom" and "access to global markets" while downplaying risks. The actual content does highlight the volume and demand but includes minimal discussion of risks, which could align with a narrative pushing for broader adoption without sufficient caution. However, the article does mention leverage and the speculative nature of the contracts, so it doesn't fully match a manipulative pattern.
Sentinel — Human
This text is highly factual and exhibits the structure of professional financial reporting, indicating a strong likelihood of human authorship.