Kalshi Plans April 27 Launch of Crypto Perpetual Futures, Going Head-to-Head With Coinbase
Codenamed 'Timeless,' Kalshi's new product uses the CFTC margin-trading license it recently won. Launch event April 27 in New York; first contracts tied to Bitcoin and other major tokens.
Prediction-market operator Kalshi plans to launch crypto perpetual futures on April 27 in New York, under an internal codename "Timeless," per Bloomberg and The Information. The product sits on top of the margin-trading license Kalshi secured from the CFTC earlier this year.
What's new
First contracts will be tied to Bitcoin and other major tokens, with no expiry — the defining feature of a perpetual future. Unlike Coinbase's existing US-facing "perpetual-style" contracts (which carry long-dated expirations), Kalshi's product will be a true perp under full CFTC jurisdiction.
Why it matters
This is the first time a CFTC-registered US venue launches a genuine perpetual crypto future, long the dominant offshore product (Binance, OKX, Bybit) but historically unavailable to regulated US traders. Rivals are moving: Polymarket also announced its own perps launch the same week, and Robinhood has been pushing derivatives hard. Coinbase — now facing the NY AG suit filed the same day — is suddenly flanked on both sides.
BloombergThe takeaway
The "prediction market" label is becoming a regulatory beach-head for every kind of leveraged product. Expect Kalshi to move next into commodities, equities indices, and single-name perps if "Timeless" clears first-week operations cleanly.
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