Kalshi adds 5 new cryptocurrency perpetual contracts for U.S. traders

Kalshi expands its cryptocurrency derivatives lineup and adds five new token perpetual contracts

On September 4, Kalshi officially launched perpetual contracts linked to BNB, Cardano (ADA), Worldcoin (WLD), Aave (AAVE) and Venice Token (VVV) for eligible U.S. traders, further enriching its cryptocurrency derivatives product line.

Product core mechanism and leverage settings

The five new contracts this time all use the US dollar as the margin and settlement currency, and have no fixed maturity date. Traders can establish long or short positions at their own discretion. The maximum leverage multiples corresponding to different assets vary: BNB's maximum leverage is approximately 4.5 times, while Venice Token's maximum leverage is 1.9 times.

According to Kalshi's current online product list, the platform currently offers a total of perpetual contracts for Bitcoin and 17 types of altcoins. Previously listed markets include Ether, XRP, Solana, Hyperliquid and Zcash.

Compliance and Regulatory Background Notes

It needs to be clear that the process of filing documents with the U.S. Commodity Futures Trading Commission (CFTC) does not amount to a separate affirmative vote for each contract by the committee. Registered exchanges may introduce some products through applicable certification or review procedures. Therefore, the presence of documentation in the CFTC database does not mean that regulators conducted a comprehensive positive vote on that particular contract.

Although Kalshi is a designated contract market (DCM) regulated by the CFTC, and new products are launched after the platform submits materials through the regulator's public filing system, describing every filing as an "approval" from the CFTC may overestimate the specific role of the regulator.

Legal controversy over crypto perpetual contracts continues

The legal status of crypto perpetual contracts remains controversial. Previously, the Chicago Mercantile Exchange Group filed a lawsuit against the CFTC for authorizing Kalshi to launch a Bitcoin perpetual contract and issuing relevant regulatory remedies to Coinbase.

CME maintains that perpetual contracts should be regarded as swaps rather than traditional futures contracts. This classification difference will result in them being subject to different regulatory structures. Regarding background information, previous reports have discussed in depth the legal dispute over the classification of perpetual contracts.

On September 2, the CFTC filed a request with the court to dismiss CME's lawsuit on the grounds that CME lacked standing to sue because it could offer comparable products through its own registered exchange. "This lawsuit is nothing more than a fuss over a mountain," CFTC lawyers said in court documents. This statement only represents the CFTC's legal position and not the court's final decision. Regulators argued that CME failed to prove Kalshi's contract caused specific financial damage to it. However, the court has not yet ruled on the issue of standing to litigation or the classification of products.

Investor Notes and Market Outlook

Kalshi's contracts allow traders to gain price exposure without holding the underlying assets. Profits and losses depend on changes in the reference price and the direction of the position chosen by the trader. Although leverage can amplify gains, it also increases the risk of forcing out. Relatively small adverse price fluctuations can cause margins to be zeroed in leveraged positions. In addition, perpetual contracts may also incur periodic funding charges or adjustment costs aimed at bringing their prices closer to the spot market.

Kalshi is expected to continue to launch more contracts in the future. According to reports, filings involving other assets such as XLM, DOT and HBAR are pending completion, but a specific launch date was not confirmed at the time of release.

The more critical event will be the federal court's response to the CFTC's motion to dismiss. The CFTC has requested oral arguments, but at the time of the motion report, a hearing date had not yet appeared on the public calendar. If the motion is dismissed, CME's current challenge will end, but it will not necessarily resolve all legal issues surrounding perpetual futures. If the case continues, the court may review whether the CFTC correctly regarded Kalshi's products as futures rather than swap agreements.