US Prediction Markets Kalshi and Polymarket Launch Crypto Perpetual Futures

Prediction-market platforms Kalshi and Polymarket are launching crypto perpetual-futures contracts to mirror the trading playbooks used by cryptocurrency exchanges [1, 2, 3].

This shift signals a convergence between event-based prediction markets and traditional financial derivatives. By introducing leveraged products, these platforms are attempting to attract a more aggressive class of traders and tap into the high-volume liquidity of the crypto-trading ecosystem [1, 2, 3].

Polymarket began this transition on April 21, 2026, when it launched trading for heavily leveraged perpetual contracts ^[3]. These instruments allow traders to speculate on the future price of assets without a fixed expiration date, a staple of the crypto-trading world. Kalshi is pursuing a similar path to meet growing investor demand for these types of high-risk, high-reward products [1, 2].

Both platforms are currently pursuing billion-dollar valuations as they expand their product offerings ^[1]. This growth comes amid increasing competition in the U.S. prediction-market sector. According to a report from April 29, 2026, the two companies now face a new rival in Hyperliquid, which is described as one of the hottest exchanges in the crypto space ^[4].

The move toward perpetuals represents a fundamental change in how these platforms operate. While prediction markets traditionally focus on binary outcomes, such as whether a specific event will occur, perpetual futures focus on price movement and leverage. This evolution allows the platforms to capture a larger share of the lucrative futures market [1, 2, 3].