Kalshi has expanded its cryptocurrency derivatives lineup by launching perpetual contracts tied to BNB, Cardano (ADA), Worldcoin (WLD), Aave (AAVE), and Venice Token (VVV), giving eligible U.S. traders access to additional digital asset markets.
The new contracts, introduced on Sept. 4, are margined and settled in U.S. dollars and allow traders to take long or short positions without an expiration date. Maximum leverage varies by asset, reaching approximately 4.5x for BNB and 1.9x for Venice Token.
With the latest additions, Kalshi now offers perpetual contracts on Bitcoin and 17 altcoins. Existing products include contracts linked to Ether, XRP, Solana, Hyperliquid, and Zcash.
The newly listed tokens represent different segments of the crypto market. BNB powers the BNB Chain ecosystem, ADA is the native token of Cardano, and AAVE serves as the governance token for the Aave lending protocol.
Meanwhile, WLD and VVV provide exposure to projects associated with artificial intelligence. However, the availability of a perpetual contract does not imply any assessment of the underlying asset’s value, security, or regulatory status.
Because the contracts are cash-settled, traders gain exposure to price movements without directly holding the underlying cryptocurrencies. As with all leveraged products, gains and losses can be amplified, increasing both profit potential and liquidation risk.
Kalshi operates as a CFTC-regulated designated contract market and listed the new products through the regulator’s filing process. However, industry debate over the regulatory treatment of crypto perpetual contracts remains unresolved.
CME Group has challenged the CFTC’s approach in court, arguing that perpetual contracts should be classified as swaps rather than traditional futures. Such a classification would place them under a different regulatory framework.
The CFTC recently moved to dismiss CME’s lawsuit, arguing that CME has not demonstrated any concrete harm and remains free to offer similar products through its own exchange infrastructure.
Kalshi can continue offering the newly launched contracts while complying with applicable CFTC regulations and exchange requirements. Traders will need to monitor leverage levels, margin requirements, and contract-specific costs before participating.
The broader legal dispute between CME and the CFTC remains the key issue to watch. A court decision could influence how crypto perpetual products are regulated in the United States and shape the future expansion of similar offerings across the market.
Additional crypto perpetual listings may also be on the horizon, with reports suggesting that contracts tied to assets such as XLM, DOT, and HBAR are under consideration, though no launch dates have been announced.
