The comparison may indicate how much the U.S. crypto derivatives market could change over the next several years. While spot bitcoin ETFs opened the door for traditional investors to gain exposure to bitcoin through brokerage accounts, regulated perpetual futures could give both retail and institutional traders access to one of crypto’s most popular trading instruments without needing to use offshore venues.

Prediction market platform Kalshi, which launched U.S. perpetual futures last week, said on Wednesday that it already crossed $1 billion in trading volume.

Palmer argued that one reason perpetual futures became so successful outside the U.S. is their simplicity. Unlike dated futures, which require traders to manage expirations and…