Prediction-market and derivatives platform Kalshi has formally applied to the U.S. Commodity Futures Trading Commission (CFTC) to self-certify perpetual futures contracts tied to XRP, Solana, Dogecoin, and nine additional cryptocurrencies, just days after regulators approved the company’s first Bitcoin perpetual futures product.
The move marks a major expansion of regulated crypto derivatives in the United States and signals growing momentum behind bringing perpetual futures — commonly known as “perps” — into the U.S. financial system under federal oversight.
Kalshi Expands Beyond Bitcoin Perpetual Futures
The latest filing comes immediately after the CFTC approved Kalshi’s BTCPERP contract on May 29, making it the first federally regulated Bitcoin perpetual futures product available through a U.S.-registered exchange.
According to Decrypt and Yahoo Finance, Kalshi has now applied to self-certify perpetual futures tied to 12 major altcoins, including:
- XRP
- Solana (SOL)
- Dogecoin (DOGE)
- Cardano (ADA)
- Litecoin (LTC)
- Avalanche (AVAX)
- Chainlink (LINK)
- Polkadot (DOT)
- Sui (SUI)
- Hyperliquid (HYPE)
- Tron (TRX)
- Stellar (XLM)
The filings were reportedly submitted under the CFTC’s self-certification framework, which allows exchanges to list derivatives products if they comply with the Commodity Exchange Act and CFTC regulations unless regulators intervene.
CFTC Signals Case-by-Case Review
Although Kalshi moved quickly following the Bitcoin approval, the CFTC indicated that perpetual contracts tied to assets beyond Bitcoin will face separate review processes.
The agency recently issued guidance emphasizing that perpetual futures contracts involving assets outside the scope of the original Bitcoin approval may require additional regulatory scrutiny.
Reuters reported that the regulator is attempting to create a controlled framework for bringing perpetual futures onshore while limiting excessive leverage, volatility, and systemic risks associated with offshore crypto derivatives markets.
CFTC Chairman Mike Selig described the introduction of regulated perpetual contracts as a “major step forward” for the U.S. crypto market.
What Are Perpetual Futures?
Perpetual futures are derivative contracts that allow traders to speculate on an asset’s price without a fixed expiration date.
Unlike traditional futures contracts, perpetuals can remain open indefinitely as long as traders maintain sufficient collateral.
The products have become extremely popular across offshore crypto exchanges because they allow:
- Continuous leveraged trading
- 24/7 market exposure
- High-liquidity speculation
- Easier directional positioning
Crypto exchanges processed tens of trillions of dollars in perpetual futures volume during 2025, making perps one of the largest segments of the global digital asset market.
Until recently, however, true perpetual futures products were largely unavailable through regulated U.S. exchanges.
Kalshi Expands Into Full Crypto Derivatives Exchange
Kalshi has historically been known as a regulated prediction-market platform allowing users to trade on event outcomes involving politics, economics, sports, and current events.
The company’s expansion into crypto perpetual futures represents a major strategic shift toward becoming a broader derivatives exchange.
Kalshi CEO Tarek Mansour reportedly described the move as the company’s evolution into a “next-generation derivatives exchange.”
Industry analysts say the approval could allow Kalshi to compete more directly with:
- Offshore exchanges like Hyperliquid and Bybit
- Centralized crypto exchanges
- Prediction-market rival Polymarket
- Traditional futures infrastructure providers
XRP, Solana and Dogecoin Among Most Watched Assets
The inclusion of XRP, Solana, and Dogecoin has attracted particular attention because of their large retail trading communities and high derivatives market activity.
According to recent market data:
- XRP perpetual futures open interest exceeds $3 billion
- Solana perpetuals surpass $5 billion in open interest
- Dogecoin remains one of the most actively traded meme-coin derivatives assets globally
Analysts believe regulated U.S.-listed perpetual futures tied to these assets could significantly expand institutional participation while reducing reliance on offshore exchanges.
Competition in Crypto Derivatives Intensifies
Kalshi’s filing comes as competition in the crypto derivatives sector accelerates rapidly.
Coinbase also recently received regulatory clearance tied to perpetual futures access through its Bermuda-based derivatives infrastructure.
Meanwhile, decentralized platforms like Hyperliquid have exploded in popularity by offering high-speed perpetual futures trading outside traditional financial systems.
Industry observers say bringing perpetual futures under U.S. regulation could reshape the competitive landscape by giving institutional traders safer and more compliant access to leveraged crypto products.
Regulatory Risks Still Remain
Despite the momentum, analysts caution that crypto perpetual futures remain highly volatile and risky products.
Perpetuals often allow significant leverage, meaning traders can amplify both gains and losses dramatically.
Regulators have historically expressed concern that excessive leverage and rapid liquidation cascades could increase market instability.
The CFTC said its approval framework aims to ensure perpetual contracts comply with federal derivatives laws and appropriate risk controls.
U.S. Crypto Derivatives Market Enters New Era
The rapid expansion of regulated perpetual futures products reflects broader changes occurring across the U.S. crypto industry.
After years of uncertainty that pushed much crypto derivatives activity offshore, regulators now appear increasingly willing to establish formal frameworks for digital asset trading products within the United States.
Analysts believe the approval of additional perpetual futures contracts tied to altcoins could significantly accelerate institutional adoption, liquidity growth, and price discovery across the crypto market.
For now, traders and industry participants are closely watching whether the CFTC ultimately allows Kalshi’s expanded lineup of XRP, Solana, Dogecoin, and other altcoin perpetual futures to move forward.
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