Regulated Bitcoin perpetual futures launch in US via Kalshi and Coinbase
Key Questions
What approval did Kalshi and Coinbase receive?
The CFTC approved Kalshi and Coinbase to offer regulated Bitcoin perpetual futures to US traders, unlocking access to a $90T market.
What market impacts are expected from US-regulated Bitcoin perps?
The launch could bring onshore liquidity, tighter spreads, and new arbitrage opportunities for short-term traders.
How might this affect offshore venues like Hyperliquid?
The impact on existing offshore platforms such as Hyperliquid remains uncertain as US traders gain regulated onshore alternatives.
Kalshi and Coinbase received CFTC approval to offer regulated Bitcoin perpetual futures to US traders, opening a $90T market. This structural shift could bring onshore liquidity, tighter spreads, and new arbitrage opportunities for short-term traders. Impact on existing offshore venues like Hyperliquid remains to be seen. A weekly update (ex-57f48b14) also covered this approval.