Kalshi files for 12 altcoin perpetual futures after CFTC approval

Kalshi filed to self-certify perpetual futures tied to 12 altcoins Monday, moving to expand its derivatives menu days after winning Commodity Futures Trading Commission approval for Bitcoin perps.

"Given the unique characteristics of perpetual contracts, which tend to vary based on the underlying asset they reference, a case-by-case review process is appropriate," the CFTC said in its Friday order, meaning Kalshi's altcoin slate faces individual scrutiny before listing.

The filing covers Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot and Hedera, according to a CFTC submission. Kalshi plans to integrate CF Benchmarks for pricing data, aggregating feeds from regulated exchanges including Coinbase and Kraken. The prediction market platform self-certified the derivatives under a similar process to how it established event-based offerings, with the altcoin slate arriving alongside markets tied to NFL athlete performances.

The move pits Kalshi against offshore incumbents like Binance and decentralized rivals such as Hyperliquid in a market where Bitcoin anchors $54.9 billion in open interest, followed by Ethereum at $31.5 billion, Solana at $5.5 billion and XRP at $3 billion, per CoinGlass. Unlike traditional futures, perpetual contracts carry no expiration date, allowing traders to speculate indefinitely through periodic funding rate payments that keep prices anchored to underlying spot markets.

CFTC Chair Mike Selig said Friday the agency would "use the tools at its disposal to onshore crypto asset perpetuals," while shares of traditional exchanges declined following the decision. Strategy co-founder Michael Saylor described the development as "good for BTC holders," supporting the Bitcoin-buying firm's preferred stock. The CME Group separately moved to make Bitcoin futures and options trading a round-the-clock endeavor, intensifying competition in the regulated derivatives space.

Kalshi's filing represents the first attempt to bring regulated altcoin perpetuals to U.S. retail and institutional traders, a market historically dominated by offshore platforms. The CFTC's case-by-case approach means each altcoin contract must clear individual review, potentially creating a staggered rollout timeline. XRP perpetual futures open interest across all exchanges stood at $2.96 billion as of Monday, holding near a four-month high as a broader crypto market pullback pushed XRP down 4% to $1.27. Ethereum futures open interest rose 1.57% to $31.34 billion in the last four hours, showing continued buying interest in the derivatives market.

This article is for informational purposes only and does not constitute investment advice.