Kalshi plans crypto perp launch as it chases Binance and Hyperliquid

Kalshi is reportedly preparing to launch crypto perpetual futures, a move that would take the prediction market platform into the largest segment of crypto trading, according to The Information.

The push comes days after Kalshi expanded its offerings with a new Commodities Hub and additional markets across energy, metals, and agriculture. Kalshi said the push is part of its path toward becoming an everything exchange.

That expansion comes after a sharp jump in scale. Kalshi’s monthly trading volume rose more than 20 fold year over year to $10 billion in February, according to Barron’s, while a March funding round valued the company at $22 billion, up from $11 billion in December. The Wall Street Journal said the company was targeting about $1 billion in fresh capital and had reached an annual revenue run rate of about $1.5 billion.

A crypto perp launch would also mark a shift from event contracts toward the most liquid product in digital asset trading. On the centralized side, Binance remains the clear heavyweight. The exchange posted about $4.90 trillion in Q1 2026 derivatives volume, equal to roughly 34.9% of the top 10 market. CoinGecko currently shows Binance Futures at roughly $45.9 billion in 24 hour volume and about $24.2 billion in open interest.

On the decentralized side, Hyperliquid remains the benchmark and currently accounts for about 30% of the onchain derivatives market, according to a Dune Analytics dashboard.