Kalshi expands U.S. crypto market with five new perpetual contracts

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​Kalshi is expanding its cryptocurrency derivatives offering for U.S. traders by adding perpetual contracts tied to five additional digital assets. The move increases the platform’s exposure to alternative cryptocurrencies as regulators and market participants continue debating how these products should be classified under U.S. financial rules.

Highlights

• Kalshi added five new crypto perpetual contracts.
• The platform now offers 17 altcoin perpetuals.
• Contracts use dollar margins without expiration dates.
• Leverage increases both gains and trading risks.

The derivatives exchange launched perpetual contracts linked to BNB, Cardano, Worldcoin, Aave, and Venice Token for eligible users, Crypto.News reported. The new products allow traders to take long or short positions using U.S. dollar margin without an expiration date, expanding Kalshi’s existing crypto derivatives range.

Kalshi broadens crypto derivatives offering

The five additions bring Kalshi’s lineup to Bitcoin and 17 altcoin perpetual contracts. Existing products include contracts tied to assets such as Ether, XRP, Solana, Hyperliquid, and Zcash.

The new contracts cover different areas of the digital asset market. BNB is linked to the BNB Chain ecosystem, Cardano’s ADA supports the Cardano network, and AAVE is associated with the governance token of the Aave lending protocol. Worldcoin’s WLD and Venice Token’s VVV are connected to projects involving artificial intelligence-related applications.

The products provide price exposure without requiring traders to hold the underlying tokens. Instead, gains and losses are based on movements in the reference price of each asset.

Leverage levels vary by contract. BNB perpetuals allow leverage of about 4.5 times, while Venice Token contracts offer around 1.9 times. Higher leverage can increase potential returns but also raises liquidation risks if prices move against a trader’s position.

Regulatory questions remain unresolved

The expansion comes as regulators and exchanges continue to dispute how crypto perpetual contracts should be treated under U.S. law.

Kalshi operates as a Commodity Futures Trading Commission regulated designated contract market. The company introduced the new products after submitting contract materials through the regulator’s filing system, although such filings do not necessarily represent an individual approval vote by the commission.

The legal status of perpetual contracts remains contested. CME Group has challenged the CFTC’s approach to Kalshi’s Bitcoin perpetual product, arguing that certain perpetual contracts may fall under swap regulations rather than traditional futures rules.

The CFTC has asked a court to dismiss CME’s challenge, arguing that the exchange has not demonstrated sufficient harm from Kalshi’s offerings. The court has not yet resolved the dispute over product classification.

Crypto derivatives enter a new regulatory phase

Kalshi’s expansion highlights the growing demand for regulated access to crypto price exposure without direct ownership of digital assets. At the same time, the products introduce familiar derivatives risks, including leverage, margin requirements, and funding costs.

For U.S. traders, the key issue is not only the availability of new contracts but also the evolving regulatory framework surrounding crypto derivatives. The outcome of the legal dispute between CME and the CFTC could influence how similar products are structured and offered across the market.

We also reported Kalshi expands into perpetual futures beyond crypto.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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Source: tradersunion.com