Kalshi’s live U.S.-regulated crypto perpetual futures move the story out of the approval phase and into the order book.

The company’s public perpetual futures page and individual product pages now present U.S.-regulated crypto perps as a broader trading category that extends past the first Bitcoin experiment.

Kalshi’s own materials point to markets across Bitcoin, Ethereum, Solana, XRP, and other crypto assets, while a dedicated HYPE perpetual page shows the company has extended the product into one of the assets most closely associated with demand for crypto-native derivatives.

The launch changes the test from permission to behavior. Traders will compare spreads, depth, funding, reference prices, collateral workflow, fees, APIs,…