CFTC-regulated crypto perpetual futures expand; Kalshi $5.5B volume; Kalshi launches 15-min gold/silver markets; funding rate arb opportunities; CXMT short squeeze confirmed; new tools and SPX perp funding signal; Binance funding rates multi-month highs
Key Questions
What CFTC-regulated crypto perps are now available?
24/7 perps for US traders were approved on KalshiEX, Coinbase, Deribit, and CME, with Kraken planning BTC perps within 30 days.
How has Kalshi performed in perps volume?
Kalshi topped $5.5B in perp volume within two weeks, drawing heavy institutional interest amid overall market growth.
What new perps listings create arbitrage opportunities?
Hyperliquid's CXMT perp offers direct exposure to China's largest IPO since 2010, while SK Hynix perps saw funding spikes over 130%.
How are exchanges adjusting funding mechanisms?
KuCoin updated calculations and caps, Binance shifted stock-linked perps to 4-hour intervals and raised funding caps to ±2%, and Paradex improved predictability with Funding V2.
What tools help track funding rate opportunities?
New tools include the Funding Rate & OI Radar, funding rate heatmap, and spike alerts for identifying delta-neutral arb across venues.
What equity perps are available on Hyperliquid?
SpaceX contract perps track the IPO tick-for-tick, enabling shorts with a reported $14M whale position as an example.
Are funding rates currently attractive for arbitrage?
Rates remain below 0.005% despite recent upticks, supporting basis trades but requiring monitoring for spikes that signal over-leveraged positions.
How does CME futures compare to IBIT options?
CME futures carry a 2.58% premium over IBIT options due to clearinghouse fragmentation, creating potential basis opportunities.
CFTC 24/7 crypto perps for US traders approved: KalshiEX, Coinbase, Deribit, CME. Kalshi tops $5.5B perp volume in two weeks. Kalshi launches 15-minute gold and silver prediction markets (nascent, low liquidity). Hyperliquid OI hits $10B. CXMT funding rate extreme at -0.2139% per hour (less negative than prior -0.5887% but still extreme), with a large whale short ($22.4M at 1x) carrying unrealized loss and oracle discount of 3.7% — squeeze setup remains active. A trader's $2.39M CXMT short was liquidated earlier, confirming the squeeze. Hyperliquid sees real-world assets surpass crypto in weekly trading volume. New resources: Crypto-Arbitrage guide, Funding Rate Screener tool, Hyperliquid Perpetual Position Management Tactics, Funding Rate Arbitrage Scanner (BNBUSDT 34.4% net APR), and Crypto Funding Rate Arbitrage guide. New: Kalshi Arbitrage Scanner and PerpData tool added. SPX perp funding at 111.8% annualized — extreme cost to hold longs, signaling potential squeeze or unwind. Binance funding rates hit multi-month highs, providing new arb signals.