Kalshi and Polymarket Move Into Perpetual Futures, Taking On Offshore Exchanges

Kalshi and Polymarket are launching perpetual futures contracts, signaling a strategic expansion into derivatives trading traditionally dominated by offshore exchanges like BitMEX and Binance. This move introduces a new onshore, regulated avenue for U.S. traders to access leveraged crypto derivatives, potentially shifting capital flows from offshore platforms due to enhanced regulatory clarity and counterparty safeguards. The development may increase competitive pressure on offshore exchanges by offering similar product functionality with reduced jurisdictional risk, particularly impacting futures trading volumes and open interest. Regulatory approval and user adoption will be key determinants of market share capture. Traders will watch CFTC guidance and initial trading volume metrics on Kalshi and Polymarket as early indicators of viability.

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