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Kalshi and Polymarket launch crypto futures trading
The platform Kalshi is preparing to launch cryptocurrency trading instruments, according to The Information citing internal sources.
According to the report, the project aims to offer U.S. users perpetual futures on Bitcoin (BTC) and other digital assets.
The expansion will be led by crypto influencer John Wang, who became head of the crypto division in 2025.
Interest in the new product is fueled by the growing popularity of prediction markets, while trading volumes on traditional crypto exchanges have slightly declined in the first quarter.
According to TRM Labs, volumes in prediction markets grew from around $1 billion in early 2025 to over $21 billion per month in January–February 2026.
Monthly nominal volume flowing into prediction markets. Source: TRM Labs.
Regulatory alignment
Kalshi’s entry into this segment was made possible by a softer regulatory stance. CFTC Chairman Michael Selig stated last month that the regulator is ready to allow such products domestically.
The goal is to bring trading volume back from offshore platforms under U.S. oversight.
Kalshi already holds the necessary CFTC licenses and recently received approval to offer margin trading services.
Business valuation
Amid the launch news, Kalshi is finalizing a funding round led by Coatue Management. The company’s valuation has risen to $22 billion, up from $11 billion in December.
Its main competitor, Polymarket, also announced the launch of crypto futures trading on the same day.
Polymarket is currently in talks to raise funds at a $15 billion valuation. Meanwhile, Kalshi’s annual revenue has reached $1.5 billion, while Polymarket is only beginning to introduce user fees.
Other players are also moving forward. Coinbase is testing five-year futures contracts similar in structure to perpetuals, while Kraken recently acquired U.S. derivatives platform Bitnomial for $550 million, likely preparing for a similar launch.
Risk hedging with ARK Invest
In late March, ARK Invest led by Cathie Wood began using Kalshi’s prediction markets for risk management. The fund’s analysts track event probabilities to adjust investment strategies and research processes.
ARK Invest highlighted three use cases:
- sourcing research signals from a broad participant base
- forecasting company financial performance
- direct risk hedging
See also: "Bitget Wallet Enters Prediction Markets with Polymarket Integration"
