Kalshi plans to launch its perpetual futures product on April 27 in New York City. CEO Tarek Mansour revealed the timeline on LinkedIn and referenced the internal codename “Timeless.” The name reflects a core feature of the product. Positions do not expire.

Bitcoin and other cryptocurrencies will be available at launch, with U.S. dollars as the initial collateral option. Kalshi has not disclosed a full list of supported assets.

Hours before that date circulated, Polymarket introduced its own product announcement. The platform invited users to sign up for early access and shared a teaser that showed positions with up to 10x leverage. It has not published a launch timeline or confirmed whether the product will be available to U.S. users, international users, or both.

Polymarket indicated that traders will be able to take long or short positions across multiple asset classes. The teaser referenced exposure to Bitcoin, gold, silver, and equities such as Nvidia and Coinbase.

Shift from event contracts to continuous markets

Perpetual futures differ from the event contracts that define prediction markets. These contracts allow traders to speculate on price movements without owning the underlying asset. A funding rate mechanism keeps the contract price aligned with the spot market.

Unlike binary contracts that settle after an event concludes, perpetual futures remain open. Traders can maintain positions as long as margin requirements are met.

For Kalshi, the launch marks its first expansion beyond event-driven markets. For Polymarket, the product adds a continuous trading layer to an existing system built around outcome resolution.

Regulatory positioning shapes competition

Both platforms operate under the oversight of the Commodity Futures Trading Commission as Designated Contract Markets. This status provides a domestic pathway to offer derivatives products in the United States.

The regulator has signaled interest in bringing crypto perpetual futures under its framework. Michael Selig stated last month that the agency intends to extend oversight to these instruments.

Kalshi has taken additional steps to prepare for leveraged trading. The company secured a CFTC margin trading license, which supports the structure required for perpetual futures. It also plans to introduce stablecoin collateral in the second quarter.

This positioning places Kalshi in direct competition with both regulated U.S. exchanges and offshore platforms that have historically dominated perpetual futures trading.

Market data highlights rising competition

Both companies enter the derivatives segment with strong activity metrics. Kalshi reported more than $100 billion in annualized trading volume. It also crossed $1 billion in monthly crypto trading volume for the first time in March.

Polymarket recorded weekly notional volume above $1 billion throughout the first quarter of 2026. The broader prediction market sector reached 192 million transactions in March, a monthly record.

Growth projections suggest further expansion. Bernstein estimated that prediction market volume could rise from $51 billion in 2025 to $1 trillion by 2030.

The push into derivatives comes amid legal scrutiny in the United States. Letitia James filed a lawsuit against Coinbase and Gemini, alleging that their prediction market products operate as unlicensed gambling services under state law.

The complaint claims these platforms allow users to bet on event outcomes without proper approval and may expose underage participants to financial risk. The case introduces additional uncertainty as platforms expand their offerings.

Parallel launches reshape prediction market strategy

The near-simultaneous announcements from Kalshi and Polymarket show a shift in how prediction market platforms compete. Both companies have moved beyond event-based trading toward products that mirror core crypto derivatives exchanges.

Kalshi has committed to a specific launch date and outlined initial product details. Polymarket has opted for early access and limited disclosure, with more details expected closer to release.

Each platform now faces the same challenge. They must attract liquidity, manage leverage risk, and operate within a tightening regulatory framework. The outcome will shape whether prediction markets can establish a foothold in perpetual futures or remain secondary to established crypto exchanges.

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