Kalshi's Perps Push: Revolutionizing S&P 500 and Crypto Markets

Prediction market platform Kalshi is making waves with its Commodity Futures Trading Commission (CFTC) filing to launch perpetual futures (perps) tied to the S&P 500 index. This move follows its earlier approval for crypto perps and marks a significant expansion. Perps are futures contracts without expiration dates or ownership requirements, tracking asset prices continuously. Kalshi's US500 perps will track the MerQube U.S. Large Cap Index, covering the top 500 U.S.-listed companies. The company also filed for perps on precious metals (gold, silver) and industrial metal copper. Perps markets saw $90 trillion in global volume in 2025, with Kalshi's own perps hitting $1 billion in notional volume within a week. This development has raised concerns among traditional exchanges like CME and CBOE, which saw stock declines post-approval. CME sued the CFTC over the approval, while CBOE and CME showed modest gains of 0.2% and 2%, respectively. Kalshi CEO Lior Hirschfeld emphasized the product's role in building 'the largest exchange on the planet.' > The U.S. markets are witnessing a new wave of competition. Kalshi's success could force traditional exchanges to rethink their strategies. The growth of perps markets may open up opportunities for both institutional investors and individual traders.