The U.S. Commodity Futures Trading Commission (CFTC) announced that it has approved the BTCPERP Contract submitted by KalshiEX, LLC, marking a significant milestone for the regulated cryptocurrency derivatives market. The approval allows Kalshi to list a perpetual futures contract tied to the spot price of bitcoin on its designated contract market platform.
Kalshi submitted the BTCPERP Contract to the CFTC on May 28, 2026, under Commission Regulation 40.3, seeking voluntary review and approval. Following an assessment of the contract and supporting materials, the Commission determined that the product complies with the Commodity Exchange Act and related CFTC regulations, including the Core Principles governing designated contract markets.
The BTCPERP Contract is structured as a perpetual futures contract, a type of derivative that does not have a traditional expiration date and instead remains open indefinitely while tracking the underlying asset’s price. Perpetual contracts have become widely used in cryptocurrency markets, but this approval represents a notable development within the U.S. regulated futures framework.
According to the CFTC, its approval was based on Kalshi’s representations regarding the contract’s design, market structure, and compliance with applicable regulatory requirements. The agency reviewed the contract’s terms and conditions, the characteristics of the underlying bitcoin market, and the mechanisms intended to ensure adherence to federal commodities laws.
The approval order requires Kalshi to continue operating the BTCPERP Contract in accordance with all applicable provisions of the Commodity Exchange Act and CFTC regulations, including any future amendments or regulatory changes. The Commission emphasized that the approval was granted based on the specific facts and circumstances presented by Kalshi in its submission.
The CFTC also noted that perpetual contract structures may not be appropriate for every asset class. Consistent with its previously issued policy statement on perpetual contracts, the agency encouraged market participants interested in launching perpetual products tied to other underlying assets to engage with Commission staff and seek approval through the voluntary product review process outlined in Regulation 40.3.
The decision highlights the CFTC’s evolving approach to digital asset derivatives and provides a framework for how perpetual contracts may be evaluated within regulated U.S. markets going forward.
