The Commodity Futures Trading Commission issued an order approving KalshiEX, LLC to list the BTCPERP Contract, a perpetual contract that references the spot price of bitcoin, as a futures contract. The Commission concluded that the product complies with the Commodity Exchange Act, the Commission’s regulations, and the core principles that apply to designated contract markets. Kalshi submitted the contract for Commission review and approval under Regulation 40.3. The order was issued under Section 5c(c)(4) of the Commodity Exchange Act and Regulation 40.3, based on Kalshi’s submissions on the contract’s terms and conditions, the underlying commodity market, and compliance with applicable requirements. It requires Kalshi to list and maintain the BTCPERP Contract in compliance with the Act and Commission rules, including any later amendments. The Commission added that perpetual contract design may not be suitable for all asset classes. Consistent with its policy statement on perpetual contracts, it encouraged market participants to engage with Commission staff and use the voluntary product approval process under Regulation 40.3 for perpetual contracts on assets not contemplated in this order.
Commodity Futures Trading Commission2026-05-29
Commodity Futures Trading Commission approves Kalshi perpetual futures contract tied to the spot price of bitcoin
The Commodity Futures Trading Commission approved KalshiEX, LLC to list the BTCPERP Contract, a perpetual futures contract referencing bitcoin’s spot price, after determining it complies with the Commodity Exchange Act, Commission regulations, and designated contract market core principles. The order, issued under Section 5c(c)(4) of the Act and Regulation 40.3, requires Kalshi to maintain ongoing compliance. The Commission noted perpetual contract design may not suit all asset classes and encouraged use of the voluntary product approval process under Regulation 40.3 for other perpetual contracts.