Kalshi perps volume tops $5.5B in two weeks after launch

Co-founder Tarek Mansour said Kalshi wants to expand beyond crypto when the regulatory framework allows it. The company is discussing additional products with U.S. officials, Bloomberg reported. The timing matters. The CFTC is reviewing prediction market rules and event-contract oversight, a process that could reshape how platforms like Kalshi and Polymarket operate as trading activity grows.

Kalshi’s launch of CFTC-approved Bitcoin perpetuals on May 29 was the first U.S. regulated product of its kind. The contract tracks Bitcoin’s spot price with no fixed expiry. Funding payments, which keep the contract price close to the spot price, create steady trading activity but can amplify losses when leverage works against a position.

The same week, Kalshi reported more than $1 billion in daily trading volume for three straight days. The activity was driven partly by markets tied to the FIFA World Cup and NBA Finals, according to Bloomberg. Those sports-related prediction contracts have drawn regulatory attention in several states. The CFTC sued New Mexico after state officials tried to apply gaming rules to Kalshi’s sports contracts. The lawsuit centers on whether federally regulated prediction market contracts fall under CFTC authority or state gaming law.

Kalshi’s next phase depends on the outcome of those regulatory discussions. The company wants to add perpetuals on non-crypto assets but needs CFTC approval for each new product. The agency has not signaled a timeline for broader rulemaking on event contracts or derivatives expansion.