Kalshi is preparing to expand into crypto trading by adding perpetual futures, according to multiple reports published on April 21.
The move would push the prediction market platform deeper into crypto derivatives and place it in more direct competition with exchanges such as Coinbase, Binance, and Hyperliquid. Meanwhile, the reported plan comes as the gap between prediction markets and crypto trading platforms continues to narrow.
Several crypto firms have moved into event contracts, while prediction market operators are exploring products that look more like traditional and crypto derivatives. Kalshi has not publicly confirmed the full rollout, but reports said the company aims to begin with crypto perpetual futures tied to tokens such as Bitcoin.
Reports point to a new step beyond prediction markets
The Information reported that Kalshi plans to launch crypto trading, starting with perpetual futures. The report said the company wants to offer the product in the U.S. by using its existing regulatory setup and recent approval to provide margin trading. Kalshi declined to comment publicly on the reports.
Perpetual futures are derivative contracts that let traders take long or short positions without owning the underlying asset and without a fixed expiry date. That structure has made them one of the most traded crypto products on offshore venues.
In the U.S., access has remained limited, which is why Kalshi’s reported plan has drawn attention across both the prediction and exchange sectors.
Another report said Kalshi’s launch may be linked to a product teased under the name “Timeless.” A video shared earlier in April pointed to an April 27 date in New York, though Kalshi has not officially confirmed that the teaser refers to crypto perpetual futures. For that reason, the timing and exact product scope remain “subject to confirmation.”
The reported expansion would mark a notable change in Kalshi’s business mix. The company built its name around regulated event contracts tied to politics, economics, sports, and other real-world outcomes.
Adding crypto perpetuals would move it into a market where trading is continuous and driven by price action rather than single-event resolution.
CFTC licenses may give Kalshi a regulated entry point
Kalshi’s position in the U.S. market is drawing attention because it already operates under Commodity Futures Trading Commission oversight.
Reports said the company holds a set of CFTC licenses that could support a broader derivatives push. In addition, Kalshi recently secured approval that allows it to offer margin trading to users.
That regulatory footing could give Kalshi an opening in a market where many crypto perpetual products have remained offshore. U.S. traders have often turned to overseas platforms for access to perpetuals because domestic options were limited or structured differently.
A regulated onshore version from Kalshi could appeal to traders who want exposure to the product without using offshore exchanges.
The regulatory backdrop has also started to shift. CFTC Chairman Michael Selig said last month that the agency plans to allow such products in the U.S. That comment added weight to the idea that the U.S.-regulated perpetual futures market may now be moving closer.
Even so, the details still matter. Reports have not yet shown how Kalshi would structure collateral, funding payments, product listings, or market access rules. Those mechanics will shape how closely the new contracts resemble the perpetual futures already offered by major crypto-native exchanges.
Crypto and prediction markets converge
Kalshi’s reported plan comes at a time when crypto exchanges and prediction market firms are increasingly targeting the same users.
Coinbase has been expanding its derivatives business and has also worked with Kalshi in prediction markets. Other exchanges, including Crypto.com and Gemini, have also pushed further into event-based products.
At the same time, prediction market platforms are seeing strong growth. Bernstein recently estimated that prediction market volumes could rise from about $51 billion in 2025 to $1 trillion by 2030.
That forecast helps explain why firms in both sectors are looking beyond their original niches and trying to capture a wider share of trader activity.
The overlap became clearer on April 21, when Polymarket posted on X that “perps are coming.” A separate report said Polymarket announced perpetual futures trading hours after news of Kalshi’s reported crypto plans surfaced.
This growing overlap reflects a broader shift in digital asset markets. Prediction platforms are no longer competing only with each other. They are also competing with exchanges that offer leverage, fast-moving order books, and products built for frequent trading.
On the other side, exchanges see prediction contracts as a way to increase user activity when spot trading volumes soften.
Furthermore, Kalshi’s crypto push comes after a period of rapid growth for the company. Reports in March said it raised more than $1 billion at a $22 billion valuation. That fundraising round showed investor confidence in the company’s position as one of the leading regulated prediction market operators in the U.S.
Kalshi and Polymarket have both benefited from rising interest in event-based trading. Prediction market transactions reached record levels in March 2026, while weekly notional volumes on major platforms stayed elevated through the first quarter. That growth has made the sector more attractive to traders, investors, and rival platforms.