Kalshi and Polymarket move into U.S. perpetual futures market

13 articles · Updated · CNBC · Apr 27

Perpetual futures trading in the U.S. reached $61.7 trillion in 2025, up 29% from 2024, with prediction markets Kalshi and Polymarket entering amid a CFTC onshoring push.
Their entry could reshape American trading by merging prediction markets with leveraged crypto products, potentially increasing competition with platforms like Robinhood and Coinbase and raising concerns over volatility and regulatory scrutiny.
Analysts see the move as a defensive strategy, while regulators and industry groups monitor risks, especially regarding contract structure and possible expansion into other asset classes beyond crypto.

Will U.S. regulators cap crypto perpetuals leverage far below the 100x seen offshore?

Can the U.S. truly recapture crypto trading dominance from offshore exchanges with regulated perps?

Will combining prediction markets with crypto's speed create new forms of insider trading?

Beyond crypto, could you soon trade perpetual futures on Apple stock or the S&P 500?

How can U.S. markets offer perpetuals without the controversial 'auto deleveraging' used abroad?

Can federal approval for perpetuals survive state lawsuits labeling them as illegal gambling?