Polymarket, Kalshi to offer perpetual futures with 10x leverage

Polymarket published a video on X announcing it will add perpetual futures that let users trade with at least 10x leverage on assets including Bitcoin, equities such as Nvidia and Coinbase, and commodities like gold and silver.

Perpetual futures are derivative contracts that do not have a set expiration date. They use a periodic funding rate, a payment exchanged between long and short positions, to keep contract prices close to spot markets and allow continuous 24/7 trading. Using leverage increases exposure to price moves, amplifying gains and losses.

Kalshi is preparing to support perpetual futures, which would give U.S. customers access to no-expiry contracts that use a funding mechanism. Both Polymarket and Kalshi operate under the Commodity Futures Trading Commission framework for Designated Contract Markets, which permits certain prediction-market platforms to list futures and options. It is unclear whether Polymarket will launch perpetual futures on its U.S.-facing site, its international platform, or both. Representatives for Kalshi and Polymarket did not respond to requests for comment.

Regulatory developments are affecting prediction markets and derivatives providers. New York state filed lawsuits against two crypto firms, alleging their prediction-market products violated state gambling laws. Platforms that operate as designated contract markets must follow CFTC rules for futures and options; state litigation has raised additional legal questions for operators offering betting or derivatives features.

Other derivatives firms and venues have announced related products this year. A major derivatives exchange said it will offer event contracts in partnership with a large online sportsbook. A decentralized exchange reported $148 billion in derivatives volume last month and has indicated plans to support outcome trading and option-like products. Last year, crypto exchanges launched CME-linked futures for Bitcoin and Ethereum and longer-duration contracts.

Details remain limited on which specific perpetual contracts will be offered, when trading will begin and which jurisdictions will be supported. Traders and regulators will monitor launch timing, contract terms and how platforms implement funding rates and leverage controls.