Kalshi’s crypto perpetual futures generated more than $5.5 billion in trading volume in their first two weeks. The company said it was the fastest-growing product launch in its history.

The debut suggests Kalshi’s ambitions now extend beyond prediction markets. While the company built its business around politics, sports, and event contracts, it is now pushing into a much larger derivatives market through its CFTC-regulated exchange.

Perpetual futures, or perps, are leveraged derivatives with no expiry date. Until recently, they were mostly associated with offshore crypto exchanges. Kalshi is now trying to bring that product structure into a regulated US venue.Tarek Mansour, the Founder and CEO of Kalshi

“It’s been our…