Kalshi Eyes Crypto Perps in Push Beyond Event Markets

TLDR

• Kalshi is preparing to launch crypto perpetual futures as it expands beyond event contracts.
• The planned product would move Kalshi into the largest segment of crypto trading.
• Kalshi recently introduced a Commodities Hub covering energy, metals, and agriculture markets.
• The company’s monthly trading volume rose to $10 billion in February, up more than 20 fold year over year.
• A March funding round valued Kalshi at $22 billion, doubling its December valuation.

Kalshi is preparing to introduce crypto perpetual futures as it expands beyond event contracts into digital asset derivatives. The move would place the prediction market platform in direct competition with Binance and Hyperliquid. The planned launch follows rapid growth in trading activity, revenue, and valuation.

Kalshi Expands Beyond Event Contracts

Kalshi is preparing to roll out crypto perpetual futures, according to The Information. The product would move the company into the largest segment of crypto trading. Perpetual futures account for most digital asset derivatives volume.

The company recently expanded through a new Commodities Hub. It added markets across energy, metals, and agriculture. Kalshi said the expansion supports its goal of becoming an “everything exchange.”

Kalshi’s scale has increased sharply over the past year. Barron’s reported that monthly trading volume rose more than 20-fold year over year to $10 billion in February. The surge reflects rising user activity and broader product reach.

The Wall Street Journal reported that Kalshi secured a $22 billion valuation in March. The figure doubled from $11 billion in December. The report also said the company targeted about $1 billion in fresh capital.

The same report stated that Kalshi reached an annual revenue run rate of about $1.5 billion. That figure highlights strong income growth over recent months. However, the company has not publicly disclosed further financial details.

Binance and Hyperliquid Dominate Perpetual Futures

Binance remains the largest centralized derivatives exchange by volume. The exchange posted about $4.90 trillion in Q1 2026 derivatives trading volume. That total represented roughly 34.9% of the top 10 market.

CoinGecko data shows Binance Futures recorded about $45.9 billion in 24-hour trading volume. The platform also held about $24.2 billion in open interest. These figures underline Binance’s lead in centralized crypto perps.

Hyperliquid leads the decentralized derivatives market segment. A Dune Analytics dashboard shows the platform accounts for about 30% of onchain derivatives trading. Hyperliquid has become the benchmark for decentralized perpetual futures.

Kalshi’s planned crypto perp launch would shift its focus from event contracts to liquid digital asset products. The new offering would place the company alongside established derivatives venues. The company has not announced a specific launch date.

The planned expansion aligns with Kalshi’s recent product diversification strategy. It follows the rollout of new commodity-linked markets and infrastructure upgrades. The company has yet to publish detailed specifications for its proposed perpetual futures contracts.

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