The <\/span>U.S. Commodity Futures Trading Commission (CFTC)<\/b> on May 29 approved <\/span>KalshiEX, LLC<\/b> to list <\/span>BTCPERP<\/b>, a bitcoin perpetual futures contract that Kalshi calls the first perpetual product brought onto a regulated derivatives exchange in the U.S. The decision was issued under Commission Regulation 40.3, allowing KalshiEX to implement a bitcoin spot price-referenced product within the CFTC-overseen futures contract framework.<\/span><\/p>\n According to <\/span>Release Number 9240-26<\/span><\/a>, the CFTC issued an Order of Approval to KalshiEX, LLC to list the BTCPERP contract on KalshiEX, a <\/span>designated contract market (DCM) <\/b>licensed by the CFTC in the U.S.<\/span><\/p>\n Commission Staff Confirms the Categorization of Certain Crypto Asset Perpetuals as Foreign Futures and Issues No-Action Letter Regarding FCM Transfers of Customer Crypto Assets to Foreign Brokers as Margin:https:\/\/t.co\/mNzwFL6Wve<\/a><\/p>\n \u2014 CFTC (@CFTC) May 29, 2026<\/a><\/p>\n<\/blockquote>\n Kalshi submitted BTCPERP on May 28 under Commission Regulation 40.3, a voluntary process for exchanges to seek CFTC review and approval of a product prior to listing. The CFTC stated that the contract complies with the Commodity Exchange Act, the agency\u2019s regulations, and core principles applicable to designated contract markets.<\/span><\/p>\n This approval only covers BTCPERP as a futures contract. It does not apply to spot bitcoin trading, nor does it convert the product into a prediction market contract.<\/span><\/p>\n Kalshi is using the BTCPERP approval to enter the perpetual futures market, a segment of <\/span>crypto derivatives<\/b> that has previously existed almost entirely outside the regulated exchange system in the U.S. The company called the launch of BTCPERP \u201cThe First American Perpetual Future,\u201d noting that it is its first major expansion beyond the binary yes\/no prediction-markets model.<\/span><\/p>\n BTCPERP is a cash-settled contract referencing the USD spot price of bitcoin via the CF Benchmarks Bitcoin Real Time Index. Each contract represents 1\/10,000 BTC. The contract is designed to trade 24\/7, has no fixed expiration date, and utilizes a funding payments mechanism to anchor the contract price close to the spot bitcoin price.<\/span><\/p>\n Perpetual futures have been popular for years on offshore crypto exchanges, where traders can maintain long or short positions without rolling over contracts based on maturities. With BTCPERP, Kalshi brings that structure onto a CFTC-regulated exchange in the U.S.<\/span><\/p>\n Kalshi stated that it intends to expand crypto perpetuals to more than a dozen currencies, subject to further regulatory reviews. The May 29 approval <\/span>only directly covers BTCPERP<\/b>. Contracts such as ETHPERP have not been approved in this order and will need to be reviewed under the conditions outlined by the CFTC for digital commodities with deep, active, and continuous spot markets.<\/span><\/p>\n BTCPERP was designed around a 24\/7 trading bitcoin spot market, a factor that played a central role in the CFTC\u2019s review. A perpetual futures contract requires a reference market that operates continuously, is sufficiently deep, and has reliable price data for the funding mechanism to function properly.<\/span><\/p>\n Bitcoin meets those conditions more clearly than most other crypto assets. The bitcoin spot market trades across multiple venues, has massive liquidity, and utilizes widely recognized benchmark price feeds. These characteristics make BTCPERP a more suitable case for a first perpetual futures product within the framework of a regulated U.S. exchange.<\/span><\/p>\n The CFTC also reviewed the contract\u2019s terms and conditions, the nature of the underlying market, compliance mechanisms, and KalshiEX\u2019s ability to maintain BTCPERP in accordance with the Commodity Exchange Act as well as regulations applicable to DCMs. The approval was based not only on bitcoin\u2019s size in the crypto market but also on the fact that the contract can be monitored and operated within the existing futures framework.<\/span><\/p>\n Perpetual futures<\/b> are one of the largest trading segments of the crypto market, but most of the activity remains outside the regulated exchange system in the U.S. According to <\/span>CoinGecko\u2019s 2025 annual report<\/span><\/a>, the top 10 centralized exchanges recorded approximately <\/span>$86.2 trillion<\/b> in perpetual futures volume in 2025. Perpetual DEX volume reached approximately<\/span> $6.7 trillion<\/b> during the same period.<\/span>\u00a0<\/span><\/a><\/p>\nCFTC Clears BTCPERP as a Futures Contract<\/b><\/h2>\n
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Kalshi Frames It as The First American Perpetual<\/b><\/h2>\n
Why BTCPERP Cleared CFTC Review<\/b><\/h2>\n
BTCPERP Brings Perps Into a Regulated U.S. Venue<\/b><\/h2>\n
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