CFTC Approves Kalshi’s BTCPERP, First Regulated U.S. Bitcoin Perpetual
On May 29, the CFTC gave the green light to KalshiEX, LLC to roll out BTCPERP, marking it as the first bitcoin perpetual futures contract available on a regulated derivatives exchange in the U.S. This approval, granted under Commission Regulation 40.3, allows KalshiEX to create a product linked to the bitcoin spot price. Submitted a day earlier on May 28, BTCPERP will be cash-settled based on the USD spot price of bitcoin, enabling ongoing trading with no fixed expiration date. Kalshi plans to expand its range of crypto perpetuals to cover over a dozen currencies, pending regulatory reviews. However, the CFTC emphasized that this approval is only for BTCPERP and does not cover spot bitcoin trading or contracts like ETHPERP.
Key facts
- CFTC approved KalshiEX's BTCPERP on May 29, 2026.
- BTCPERP is a bitcoin perpetual futures contract, first regulated perpetual in the U.S.
- Approval under Commission Regulation 40.3, voluntary pre-listing review.
- Contract complies with Commodity Exchange Act and DCM core principles.
- BTCPERP is cash-settled, references CF Benchmarks Bitcoin Real Time Index, each contract 1/10,000 BTC.
- Trades 24/7, no expiration, uses funding payments mechanism.
- Kalshi plans to expand to more than a dozen crypto perpetuals subject to regulatory review.
- CFTC also issued Release 9241-26 on crypto asset perpetuals, including no-action relief for Coinbase and Deribit.
Entities
Institutions
- U.S. Commodity Futures Trading Commission (CFTC)
- KalshiEX, LLC
- Kalshi
- CoinGecko
- Coinbase Financial Markets
- Deribit
- CF Benchmarks
Locations
- United States