Perpetual futures, or “perps,” make up more than 70% of centralized crypto exchanges’ volume, according to the report.
It was reported last week that prediction markets Kalshi and Polymarket plan to compete in this area, where the current players include Robinhood and Coinbase, the report said.
Analysts told CNBC that the companies’ perpetual future offerings are most likely to appeal to the prediction markets’ existing customers, rather than draw users away from other platforms, and are probably meant to retain customers as other platforms expand their own prediction markets offerings.
The Information reported Tuesday (April 21) that Kalshi plans to add perpetual futures on bitcoin and other crypto tokens in the United States and may later add perpetuals based on other asset classes.
Kalshi’s licenses from the Commodity Futures Trading Commission (CFTC) position the company to offer crypto perpetuals if the CFTC allows those products in the U.S., the report said.
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It was reported March 3 that CFTC Chairman Michael S. Selig said the CFTC plans to allow perpetual futures contracts for cryptocurrencies to help the U.S. recapture liquidity that has moved to platforms in Asia, Europe and the Bahamas.
Selig said in a March 3 post on X: “The Biden administration drove crypto asset firms and liquidity offshore, including the perpetual futures markets. We’ve had perpetual futures in crypto assets for a very long time, but they’ve developed offshore. We’ve got to bring perpetual futures back to the US and are working towards getting them here soon.”
It was reported March 7 that both Kalshi and Polymarket are in discussions with investors about raising funds and are targeting the same valuation of $20 billion. The two companies were both valued at half that figure in late 2025.
At the same time, the companies have faced increased scrutiny. Both Kalshi and Polymarket have been criticized for permitting bets on the U.S. attack on Iran and the ouster of that company’s supreme leader.
