Crypto Exchanges
By James Thorp
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Kalshi's Regulated Bet. Kalshi operates under CFTC oversight. That's a big deal.
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Polymarket's Faster Approach. Polymarket operates mostly outside the U.S., which gives it more room to move quickly.
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Why Perpetuals Matter. The perpetual futures market is huge. Way bigger than prediction markets.
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Kalshi and Polymarket want a piece of the perpetual futures game. Both platforms—known mostly for prediction markets—are launching crypto perpetuals, trying to grab volume from…
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Bloomberg broke the news that Kalshi plans to roll out crypto perpetual futures soon. Polymarket didn't wait long to announce its own version.
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Kalshi operates under CFTC oversight. That's a big deal. The platform's calling its new product "Timeless" and will start with Bitcoin before expanding to other crypto assets and…
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But there's a catch. Kalshi still needs more CFTC approval to run full exchange operations. The company's betting that traders—especially institutional ones—will value regulatory…
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The phased rollout shows Kalshi's playing it careful. Start small, get the infrastructure right, then scale. It's methodical.
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Polymarket operates mostly outside the U.S., which gives it more room to move quickly. A teaser video showed plans for perpetuals covering crypto, stocks, and commodities.
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The international position means fewer regulatory hoops to jump through. Polymarket can deploy products faster and test different asset classes without waiting for U.S.
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Speed matters in crypto. Polymarket's agility could help it capture users before Kalshi gets fully up and running.
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The perpetual futures market is huge. Way bigger than prediction markets. Platforms like Hyperliquid and offshore exchanges pull massive monthly volumes—billions of dollars…
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The CFTC wants to bring perpetual futures under its watch. Regulators see the volume flowing to offshore venues and want it back onshore where they can oversee it.
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Crypto-native platforms dominate right now. Hyperliquid, for example, has built a loyal user base with fast execution and low fees.
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See also: Kalshi Wants to Launch Crypto Perpetual Futures as US Derivatives Market Shifts
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