CFTC clears first US-regulated Bitcoin perpetual futures contract on KalshiEX

The CFTC approved KalshiEX to list BTCPERP, the first US-regulated Bitcoin perpetual futures contract. This opens a new path for retail and institutional traders to access leveraged Bitcoin exposure onshore.

• CFTC approved KalshiEX's BTCPERP contract in late May 2026, a perpetual futures contract tied to Bitcoin's spot price
• Perpetual futures have mostly traded on offshore platforms; this is the first US-regulated version
• Unlike traditional futures, perps have no expiration date and use a funding rate to track spot price
• Could change how US retail and institutional traders access leveraged Bitcoin exposure
• Perpetual futures account for a large share of global crypto derivatives trading volume

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