Kalshi adds 5 crypto perpetuals for U.S. traders

Kalshi expanded its cryptocurrency derivatives lineup on Sept. 4 by launching perpetual contracts linked to BNB, Cardano, Worldcoin, Aave and Venice Token for eligible U.S. traders.

• Kalshi added perpetual contracts tied to BNB, ADA, WLD, AAVE and VVV for U.S. trading.
• The contracts use U.S. dollar margin, have no expiration and permit long or short positions.
• Maximum leverage varies by product, reaching 4.5 times for BNB and 1.9 times for VVV.
• Kalshi now offers Bitcoin and seventeen altcoin perpetuals, according to its current product listings online.
• The CFTC filing process does not necessarily represent an affirmative commission vote approving each contract.

The contracts are margined and settled in U.S. dollars. They allow traders to take long or short positions without a fixed expiration date. Maximum leverage differs by asset, with approximately 4.5 times available for BNB and 1.9 times for Venice Token, according to the platform's product information.

The additions bring Kalshi's lineup to Bitcoin and 17 altcoin perpetual contracts. Existing markets include Ether, XRP, Solana, Hyperliquid and Zcash.

The five additions cover several areas of the crypto market. BNB is the native asset of BNB Chain, while ADA supports the Cardano network. AAVE is the governance token of the Aave lending protocol.

Worldcoin's WLD and Venice Token's VVV provide exposure to projects connected with artificial intelligence. However, the availability of a perpetual contract does not establish the value, security or regulatory classification of its underlying token.

Kalshi's contracts provide price exposure without requiring traders to hold the underlying assets. Gains and losses instead depend on changes in each reference price and the trader's chosen position.

Leverage can magnify returns, but it also increases liquidation risk. A relatively small adverse price movement may eliminate a leveraged position's margin. Perpetual contracts can also carry recurring funding or adjustment costs intended to keep their prices close to spot markets.

Kalshi operates as a CFTC-regulated designated contract market. The new products appeared after the platform submitted contract materials through the regulator's public filing system.

However, describing every filing as a separate CFTC "approval" may overstate the regulator's role. Registered exchanges can introduce some products through applicable certification or review procedures. A filing's presence in the CFTC database does not always mean the full commission held an affirmative vote on that individual contract.

The legal treatment of crypto perpetuals also remains contested. CME Group sued the CFTC after the regulator authorized Kalshi's Bitcoin perpetual contract and issued related regulatory relief for Coinbase.

CME argues that perpetual products should be treated as swaps rather than conventional futures. That classification would subject them to a different regulatory structure. For background, crypto.news previously examined the legal dispute over how perpetual contracts should be classified.

The CFTC moved to dismiss CME's lawsuit on Sept. 2, arguing that CME lacks standing because it can offer comparable products through its own registered exchange.

"This lawsuit is much ado about nothing," the regulator's lawyers said in the court filing. That statement represents the CFTC's legal position, not a court finding.

The agency argued that CME had not demonstrated a concrete financial injury caused by Kalshi's contracts. CME maintains that the regulator's approach bypassed requirements established for swaps. As crypto.news reported in related coverage of the dismissal motion, the court has not ruled on either the standing question or the products' classification.

Kalshi previously introduced Bitcoin perpetuals after receiving CFTC authorization in May. It subsequently added contracts tied to XRP, Zcash, Dogecoin, Shiba Inu and other assets. Its earlier expansion into XRP perpetual futures also brought cash-settled, non-expiring exposure to U.S. users.

Kalshi can continue offering the newly listed contracts while meeting applicable CFTC rules and its exchange obligations. Traders will need to monitor leverage, margin requirements, reference prices and any contract-specific costs.

Further additions are possible. Filings involving other assets, including XLM, DOT and HBAR, were reportedly awaiting completion, but their launch dates were not confirmed at publication.

The more consequential event will be the federal court's response to the CFTC dismissal motion. The agency requested oral argument, although no hearing date had appeared on the public docket when the motion was reported.

A dismissal would end CME's current challenge without necessarily resolving every legal question surrounding perpetual futures. If the case proceeds, the court could examine whether the CFTC properly treated Kalshi's products as futures rather than swaps.

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