Kalshi debuts Ethereum perpetuals as XRP futures await review

The company described the new offering as “American Perpetuals” and said users can trade the product under a regulated framework. Kalshi is also waiving trading fees for a limited period for users who join its waiting list.

Ethereum joins Bitcoin as the second cryptocurrency available through Kalshi’s perpetual futures lineup. A day earlier, the company launched CFTC-approved Bitcoin perpetual futures, giving U.S. traders access to a product structure that has largely been offered through offshore crypto exchanges.

Unlike traditional futures contracts, perpetual futures do not expire. According to information published by Kalshi and the CFTC, these products remain open indefinitely and rely on funding payments to help keep futures prices aligned with spot market prices.

Scott Melker, known as ‘The Wolf Of All Streets’, commented on the Ethereum launch in an X post, describing it as a trade structure that had previously been unavailable to many American market participants. He said the product provides regulated leveraged exposure to ETH while operating without an expiration date.

Ethereum joins regulated perpetual futures market

Growth in perpetual futures trading has turned the segment into one of the largest parts of the crypto derivatives industry. Reuters reported that global perpetual futures volume reached $61.7 trillion in 2025, representing a 29% increase from the previous year. Separate market data cited by Kalshi placed offshore perpetual futures volume at $92.9 trillion during the same period.

Most of that activity has historically taken place on exchanges such as Binance and Hyperliquid, where traders have long had access to perpetual contracts. U.S. institutions and retail participants, however, have had limited access to comparable regulated products.

Alongside the launch, market data shared by analyst Ted Pillows showed Ethereum open interest had fallen more than 6% to $26.48 billion. He used Kalshi’s newly launched product to test a small ETH short position shortly after trading became available.

At the time of writing, Ethereum (ETH) was trading near $1,769, down more than 3% over the previous 24 hours. Crypto analyst Ali Martinez said ETH had broken below the $1,825 support level and suggested that prices could decline toward $1,600 and potentially $1,400 if selling pressure continues.

XRP and other altcoins remain under review

While Ethereum trading is now live, several additional crypto perpetual contracts are still awaiting regulatory clearance.

Kalshi has reportedly filed to certify perpetual futures linked to XRP, Solana, Dogecoin, Stellar, Shiba Inu, and Hedera. Information surrounding the filings indicates the company plans to use pricing data supplied by CF Benchmarks, a provider whose reference rates are already used across multiple institutional crypto products.

Recent guidance from the CFTC suggests that approval of one perpetual contract does not automatically extend to other assets. The regulator said perpetual contract structures may not be appropriate for every asset class and encouraged firms to submit products for individual review before listing them.

As a result, XRP and other proposed altcoin contracts may follow separate approval paths even after Ethereum’s launch.

CF Benchmarks data is already used in several regulated crypto products, including XRP futures markets operated through CME. Combined with growing activity on the XRP Ledger and rising interest in XRP-related investment products, the existing infrastructure could provide a foundation for future regulated perpetual listings if the contracts receive approval.