Kalshi launched perpetual contracts for BNB, Cardano, Worldcoin, Aave and Venice Token on Sept. 4, expanding its crypto derivatives lineup for eligible U.S. traders.
Kalshi expanded its crypto derivatives lineup on Sept. 4 by launching perpetual contracts linked to BNB, Cardano, Worldcoin, Aave and Venice Token for eligible U.S. traders.
The contracts are margined and settled in U.S. dollars. They allow traders to take long or short positions without a fixed expiration date. Maximum leverage differs by asset. BNB offers about 4.5 times leverage. Venice Token offers about 1.9 times, according to the platform's product information.
The additions bring Kalshi's lineup to Bitcoin and 17 altcoin perpetual contracts. Existing markets include Ether, XRP, Solana, Hyperliquid and Zcash.
The five new tokens cover several areas of the crypto market. BNB is the native asset of BNB Chain. ADA supports the Cardano network. AAVE is the governance token of the Aave lending protocol. Worldcoin's WLD and Venice Token's VVV provide exposure to projects connected with artificial intelligence.
Kalshi's contracts provide price exposure without requiring traders to hold the underlying assets. Gains and losses depend on changes in each reference price and the trader's chosen position.
Leverage can magnify returns. It also increases liquidation risk. A relatively small adverse price movement may eliminate a leveraged position's margin. Perpetual contracts can also carry recurring funding or adjustment costs intended to keep their prices close to spot markets.
Kalshi operates as a CFTC-regulated designated contract market. The new products appeared after the platform submitted contract materials through the regulator's public filing system.
The legal treatment of crypto perpetuals remains contested. CME Group, which has an Alpha Score of 62 (Moderate), sued the CFTC after the regulator authorized Kalshi's Bitcoin perpetual contract and issued related regulatory relief for Coinbase.
CME argues that perpetual products should be treated as swaps rather than conventional futures. That classification would subject them to a different regulatory structure. The crypto market analysis has covered the legal dispute over how perpetual contracts should be classified.
The CFTC moved to dismiss CME's lawsuit on Sept. 2. The regulator argued that CME lacks standing because it can offer comparable products through its own registered exchange.
"This lawsuit is much ado about nothing," the CFTC's lawyers said in the court filing. That statement represents the CFTC's legal position, not a court finding.
The agency argued that CME had not demonstrated a concrete financial injury caused by Kalshi's contracts. CME maintains that the regulator's approach bypassed requirements established for swaps. The court has not ruled on either the standing question or the products' classification.
Kalshi previously introduced Bitcoin perpetuals after receiving CFTC authorization in May. It subsequently added contracts tied to XRP, Zcash, Dogecoin, Shiba Inu and other assets.
Kalshi can continue offering the newly listed contracts while meeting applicable CFTC rules and its exchange obligations.
Further additions are possible. Filings involving other assets, including XLM and DOT, were reportedly awaiting completion, but their launch dates were not confirmed at publication.
The more consequential event will be the federal court's response to the CFTC dismissal motion. The agency requested oral argument. No hearing date had appeared on the public docket when the motion was reported.
A dismissal would end CME's current challenge without necessarily resolving every legal question surrounding perpetual futures. If the case proceeds, the court could examine whether the CFTC properly treated Kalshi's products as futures rather than swaps.
The court has not scheduled a hearing on the CFTC's dismissal motion.
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