Prediction market platform Kalshi is preparing to launch crypto trading in the US, according to a report from The Information, expanding beyond its core prediction market business as competition heats up across both sectors.
The platform plans to start by offering perpetual futures tied to crypto-tokens such as bitcoin people with knowledge of the matter told the publication.
Perpetual futures is a type of derivative contract that allows traders to bet on the price of an asset without owning it and without a fixed expiration date. Unlike traditional futures, which settle at a specific time, perpetuals can be held indefinitely as long as traders maintain sufficient security. Prices are kept in line with the underlying asset through financing payments between long and short positions, making them a core product on many offshore crypto exchanges.
Kalshi’s move would put it in more direct competition with crypto platforms like Coinbase ( COIN ), which has expanded its own derivatives and prediction market offerings. Coinbase does not yet offer true perpetual futures in the US, although it has introduced “perpetual-style” futures contracts with long expirations and has signaled interest in bringing more advanced derivatives products onshore. Other exchanges are moving in a similar direction, underscoring a broader push to capture demand that has historically flowed to offshore venues.
Kalshi’s expansion comes as regulatory conditions in the US begin to change, opening the door to products that have largely traded outside the country. The company already holds multiple licenses from the Commodity Futures Trading Commission (CFTC) and recently secured approval to offer margin trading, positioning it to enter the derivatives market.
The firm is expected to begin with crypto-linked perpetuals, but could expand the model to other asset classes over time, one of the people said.
Kalshi rival Polymarket also announced plans to offer perpetual futures on its platform on Tuesday in a post on X, without providing further details.
The move reflects growing overlap between prediction markets and crypto trading platforms, which are increasingly competing for the same users. Several major crypto exchanges, including Coinbase, Crypto.com and Gemini, have introduced market prediction products, while crypto trading volume has fallen in recent months following a market downturn.
At the same time, activity in the prediction markets has increased, which has attracted both user engagement and investor capital. This convergence is pushing platforms like Kalshi to expand their offerings as they compete for a common base of merchants.
UPDATE (April 21, 18:54 UTC): Added section on Polymarket announcing it will offer perpetual futures.
