Kalshi’s Perpetual Futures Hit $1 Billion in Trading Volume Within First Week

Kalshi’s logo appears on a smartphone placed on a reflective surface, with a blurry betting curve projected in the background in Creteil, France, on March 9, 2026, during a major scandal and a $54 million lawsuit concerning bets related to recent strikes in Iran.

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Prediction‑market platform Kalshi reported that its newly launched crypto perpetual futures have already surpassed $1 billion in trading volume within a week of debut, according to an exclusive briefing with CNBC.

Trading in the crypto perpetual futures, or “perps,” began on Wednesday, and the first 24 hours generated more than $100 million in volume.

Perps are futures contracts without an expiration date, allowing traders to speculate on price movements without owning the underlying asset. The contracts track the underlying price continuously, and funding payments keep the perpetual price aligned with the spot market.

Global perpetual contracts account for over $90 trillion in annual volume, according to Bank of America, but until now there was no mechanism for U.S. investors to trade them.

Kalshi received approval from the Commodity Futures Trading Commission on May 29, becoming the first U.S. firm authorized to offer perpetual contracts. On the same day, Coinbase also secured regulatory clearance to provide its U.S. clients access to global perps through an affiliate.

Domestic demand has surged. A company spokesperson noted that the waitlist to access perps once exceeded one million users, making it the fastest‑growing product in Kalshi’s history. It previously took the firm 40 months to reach $1 billion in volume across its event‑based contracts.

The launch of perpetuals represents Kalshi’s most significant product rollout since it introduced its original prediction‑market offerings.

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.

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