Kalshi Draws $1 Billion in Perpetual Futures Volume as US Retail Traders Pile In
Updated
Updated · Financial Times · Jul 19
Kalshi Draws $1 Billion in Perpetual Futures Volume as US Retail Traders Pile In
3 articles · Updated · Financial Times · Jul 19
Summary
$1 billion in volume hit Kalshi’s perpetual futures in less than a week, making the newly approved contracts the company’s fastest-growing product on record.
May’s US regulatory clearance opened the door for Kalshi and Coinbase to offer perps domestically, tapping retail demand for round-the-clock, highly leveraged bets that never expire.
Critics say that structure can amplify losses because positions are liquidated instantly rather than through margin-call delays; more than 1.5 million traders were liquidated in 24 hours during an October bitcoin sell-off.
Crypto perps traded about $90 trillion globally last year, up from $30 trillion in 2023, and the CFTC’s decision to classify them as futures has already drawn a lawsuit from CME Group.