Globally, perpetual futures are one of the most popular ways to speculate on the future prices of cryptocurrencies. But until recently, U.S-based customers had almost no way to get involved. That changed in early June, when prediction market Kalshi became the first U.S. regulator-approved platform to offer perpetual futures trading to its customers.

By all accounts, this new financial product has been a smash success. In the first 24 hours, trading volume on Kalshi hit $100 million. In the first week, total trading volume rocketed past $1 billion. This is obviously big business, and one that could reshape the way people invest in crypto.

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