Kalshi Launches Crypto Perpetual Futures April 27
Kalshi's perpetual futures product, codenamed "Timeless," will offer traders Bitcoin and several other cryptocurrencies with no expiration date and initially accept U.S. dollars as collateral, with stablecoin support planned for Q2 2026.
Key Takeaway
Two prediction market giants are pivoting to crypto perpetuals as regulators circle and trading volumes surge past $1 billion.
Kalshi CEO Tarek Mansour revealed an April 27 launch date for cryptocurrency perpetual futures through a cryptic LinkedIn video featuring a rotating torus shape. The CFTC-regulated platform hit monthly crypto trading volumes above ₱60.06 billion ($1 billion) for the first time in March 2026.
The product, codenamed "Timeless," will offer traders Bitcoin and several other cryptocurrencies with no expiration date. Kalshi will initially accept U.S. dollars as collateral, with stablecoin collateral planned for Q2 2026.
The launch comes six days after Polymarket launched its own perpetual futures product on April 21. Polymarket framed its offering as a way for traders to go long or short the markets they know 24/7. The platform, valued at ₱540.56 billion ($9 billion), reported weekly notional volume above ₱60.06 billion ($1 billion) through Q1 2026.
Both platforms are racing to expand beyond traditional prediction markets. Prediction market transactions hit a record 192 million in March 2026. Kalshi's annualized trading volume now exceeds ₱6.01 trillion ($100 billion), making it the larger of the two platforms with its ₱660.68 billion ($11 billion) valuation.
Regulatory pressure is mounting on both fronts. The CFTC plans to bring perpetual futures under its oversight, subjecting these products to the same rules as traditional derivatives markets. The same day Polymarket launched its perpetual product, New York Attorney General Letitia James announced a lawsuit against Coinbase and Gemini, claiming prediction market platforms operate as unlicensed gambling services under state law and may expose underage users to financial risk.
Kalshi's perpetual futures launch goes live on April 27.
This article was written based on reporting from Bitcoin Magazine.
