Kalshi is making an aggressive play to capture the untapped US market for regulated crypto derivatives. The prediction market platform has filed with the Commodity Futures Trading Commission (CFTC) to certify perpetual futures contracts for a basket of major altcoins, including XRP, Solana (SOL), and Dogecoin (DOGE).
Perpetual futures – or "perps" – are the lifeblood of global crypto trading, accounting for the vast majority of daily volume on offshore exchanges like Binance and OKX. However, US retail traders have historically been locked out of these capital-efficient instruments due to strict regulatory oversight. By utilizing its status as a CFTC-regulated designated contract market, Kalshi aims to bypass the traditional, lengthy exchange-traded fund (ETF) approval process and offer direct leverage on altcoins.
The filing does not stop at the top-tier assets. Kalshi is also eyeing contracts for other liquid altcoins, positioning itself as a direct competitor to traditional finance giants like CME Group, which currently only offers standard monthly futures for Bitcoin and Ethereum. Unlike traditional futures, perps do not expire, relying instead on a funding rate mechanism to keep contract prices aligned with the underlying spot market.
Success is far from guaranteed. The CFTC has historically scrutinized retail-focused leveraged products, and Kalshi's aggressive expansion into crypto derivatives will likely face intense pushback from regulators. The platform recently won a high-profile legal battle against the CFTC over election betting contracts, proving it is not afraid to challenge the regulator in court. Whether that combative relationship will help or hinder this latest filing remains a key question for market participants.
Traders should watch for the CFTC's formal response or any public comment period, which will indicate how quickly these contracts could go live. If approved, the move could trigger a massive liquidity shift, bringing billions of dollars in retail volume back to onshore, regulated US venues.
Kalshi Files for Regulated XRP, Solana, and Dogecoin Perps in US
Kalshi is moving quickly to establish a market for perpetual futures in the U.S. involving altcoins like XRP, Solana, and Dogecoin. Perpetual futures are contracts that let traders hold positions without expiry, potentially increasing trading options and liquidity for these tokens.