Kalshi filed on Monday to self-certify perpetual futures derivatives tied to 12 major altcoins, moving swiftly after the U.S. Commodity Futures Trading Commission approved Bitcoin perpetual futures on Friday. The prediction market platform's application covers Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera, according to a filing. The CFTC indicated Friday that perpetual futures beyond Bitcoin would undergo case-by-case review, meaning Kalshi's tranche of derivative offerings has not yet received approval. The move represents a regulatory shift that could allow U.S. customers access to derivatives products historically dominated by offshore platforms like Binance.
CFTC Establishes Case-by-Case Approval Process for Altcoin Perpetual Futures
In its order on Friday, the CFTC stated that a case-by-case process would be appropriate for U.S. companies seeking to list perpetual futures beyond Bitcoin. The agency noted that the derivatives class overall "design may not be suitable for all asset classes." Kalshi filed to self-certify the altcoin derivatives under a similar process to how it established offerings based on events, according to prediction market analyst Dustin Gouker. The altcoin slate reached the CFTC's desk alongside markets tied to NFL athletes' performances.
Bitcoin Leads Crypto Derivatives Market with $54.9 Billion Open Interest
Bitcoin anchors the crypto derivatives market in terms of open interest, according to CoinGlass data. The value of unsettled trades tied to Bitcoin totaled $54.9 billion, followed by Ethereum at $31.5 billion, Solana at $5.5 billion, and XRP at $3 billion. Kalshi's derivatives would be accessible to customers in the U.S., a barrier the CFTC removed when approving the firm's Bitcoin perpetual futures on Friday. The CME separately moved to make trading for Bitcoin futures and options available around the clock.
CFTC Chair Commits to Onshoring Crypto Asset Perpetuals
CFTC Chair Mike Selig stated in an X post on Friday that the agency would "use the tools at its disposal to onshore crypto asset perpetuals." Strategy co-founder and Executive Chairman Michael Saylor described the development as "good for BTC holders" and noted it supports the Bitcoin-buying firm's flagship preferred stock in an X post. Perpetual futures, which lack expiration dates and allow indefinite speculation through periodic payments that anchor prices to underlying assets, have long been popular among crypto traders.
FAQ
What altcoins did Kalshi file perpetual futures applications for on Monday?
Kalshi filed to self-certify perpetual futures derivatives for 12 altcoins: Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera. The filing followed the CFTC's approval of Bitcoin perpetual futures on Friday.
Why has the CFTC not approved Kalshi's altcoin perpetual futures yet?
The CFTC indicated in its Friday order that perpetual futures beyond Bitcoin would undergo case-by-case review, noting that the derivatives design "may not be suitable for all asset classes." Kalshi's tranche of altcoin derivative offerings has not received approval as of the Monday filing date.
What is the current open interest in crypto derivatives markets?
According to CoinGlass, Bitcoin leads with $54.9 billion in open interest for unsettled trades, followed by Ethereum at $31.5 billion, Solana at $5.5 billion, and XRP at $3 billion.
