Kalshi Seeks U.S. Approval for 12 Altcoin Perpetuals

Kalshi filed on Monday to self-certify perpetual futures tied to 12 altcoins, days after the Commodity Futures Trading Commission approved perpetual futures tied to Bitcoin. The filing lists Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot and Hedera.

The exchange said the contracts would be available to U.S. customers and used the same self-certification framework it employs for event-based markets. The altcoin tranche was submitted alongside other new markets, including contests tied to athletes’ performances.

The CFTC’s order on Friday allows perpetual futures for Bitcoin and directed that contracts tied to other crypto assets be reviewed on a case-by-case basis. Kalshi’s filings are not approved; the contracts will either proceed through self-certification without objection or require separate clearance from the regulator.

Perpetual futures do not have a set expiration date. Traders make periodic funding payments that help keep contract prices close to the underlying asset’s spot price.

Open interest for crypto derivatives remains concentrated in a few assets. Unsettled trades tied to Bitcoin total about $54.9 billion, followed by Ethereum at $31.5 billion, Solana at $5.5 billion and XRP at $3 billion. Perpetual futures have been widely available on offshore exchanges and decentralized platforms; Kalshi’s filings would enable comparable products on U.S. markets if approved.

The CFTC’s order noted the “design may not be suitable for all asset classes.” CFTC Chair Mike Selig posted that the agency will “use the tools at its disposal to onshore crypto asset perpetuals.” Strategy founder Michael Saylor wrote on social media that regulated access to perpetual futures is “good for BTC holders.”

The filings arrive as traditional derivatives venues expand crypto trading hours and as offshore and decentralized venues continue offering perpetuals to global users. Regulators will apply the case-by-case standard as they review whether to permit perpetual contracts tied to each listed altcoin.