Kalshi, a prediction market platform, reported that its newly launched crypto perpetual futures, or 'perps,' surpassed $1 billion in trading volume within a week of their introduction. The trading began on Wednesday, with over $100 million in volume recorded in the first 24 hours.
Perpetual futures are unique as they do not have an expiration date, allowing traders to speculate on asset prices continuously without owning the underlying assets. This asset class is substantial, with an estimated $90 trillion in annual global volume, yet prior to Kalshi, there were no options for trading these contracts in the U.S.
The Commodity Futures Trading Commission granted Kalshi regulatory approval on May 29, making it the first U.S. company to offer such contracts. Coinbase also received similar approval on the same day to provide access to global perp contracts for U.S. traders.
The demand for these contracts has been evident, with a waitlist exceeding 1 million people at one point, making it the fastest-growing product in Kalshi's history. In contrast, it took the company 40 months to reach $1 billion in trading volume for its event contracts.
This launch represents a significant milestone for Kalshi, marking its most substantial product introduction since the inception of its prediction markets