Kalshi Launches Ethereum Perpetual Futures in the US After CFTC Approval

TLDR

• Kalshi launched Ethereum perpetual futures trading on June 4, becoming the second crypto listed after Bitcoin.
• The CFTC-regulated platform is offering zero trading fees for a limited time for early users.
• Perpetual futures have no expiration date and use funding payments to track spot prices.
• Kalshi has filed for XRP, Solana, Dogecoin, Stellar, Shiba Inu, and Hedera perpetual futures, all pending separate CFTC review.
• ETH was trading near $1,769 at the time of the launch, down over 3% on the day.

Kalshi, a CFTC-regulated prediction market platform, launched Ethereum perpetual futures trading on June 4, 2026. The company called the product “American Perpetuals” and opened it to US traders under a regulated framework.

The launch came just days after Kalshi debuted Bitcoin perpetual futures, making Ethereum the second cryptocurrency available through its perpetuals lineup.

Kalshi is waiving trading fees for a limited period for users who sign up to its waiting list. The company has not said how long the zero-fee period will last.

Perpetual futures work differently from standard futures contracts. They do not have an expiration date, so positions can stay open indefinitely. Funding payments are used to keep the futures price in line with the spot market price.

Most access to perpetual futures has historically been through offshore exchanges like Binance and Hyperliquid. US traders have had limited access to comparable products under a regulated structure until now.

What the Launch Means for US Traders

Scott Melker, known online as The Wolf Of All Streets, described the product as a trade that was previously unavailable to many American market participants. He noted it provides regulated leveraged exposure to ETH without an expiration date.

Global perpetual futures trading volume reached $61.7 trillion in 2025, up 29% from the prior year, according to Reuters. Offshore perpetual futures volume was cited at $92.9 trillion over the same period by data referenced by Kalshi.

Market analyst Ted Pillows tested the new product shortly after launch, opening a small Ethereum short position. His data showed that total Ethereum open interest had fallen more than 6% to $26.48 billion around the same time.

At the time of launch, ETH was trading near $1,769, down more than 3% over the prior 24 hours. Analyst Ali Martinez said ETH had broken below the $1,825 support level and suggested prices could fall to $1,600 or $1,400 if selling pressure continued.

XRP and Other Altcoins Still Awaiting Approval

Kalshi has filed to certify perpetual futures contracts tied to several other cryptocurrencies, including XRP, Solana, Dogecoin, Stellar, Shiba Inu, and Hedera.

The CFTC has confirmed it will review each contract individually. Approval of one perpetual contract does not automatically extend to other assets.

Kalshi reportedly plans to use pricing data from CF Benchmarks for future crypto perpetual products. CF Benchmarks already supplies reference rates used in several regulated crypto products, including XRP futures on the CME.

Kalshi said XRP, Solana, and Hedera perpetual futures could follow in the coming days, depending on regulatory clearance.

The company’s expansion into crypto derivatives comes after it was known primarily for event-based prediction market contracts. Bitcoin and Ethereum perpetuals mark its first move into traditional leveraged crypto trading products for US users.

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