Key facts
- Kalshi launched Ethereum perpetual futures trading in the US on June 4.
- This follows Kalshi's earlier launch of Bitcoin perpetual futures.
- The platform is offering zero trading fees for a limited time for early users.
- Perpetual futures have no expiration date and use funding payments to track spot prices.
- Kalshi has filed for XRP, Solana, Dogecoin, Stellar, Shiba Inu, and Hedera perpetual futures, pending CFTC review.
Kalshi, a prediction market platform regulated by the CFTC, has launched Ethereum perpetual futures trading in the United States. This move, which commenced on June 4, 2026, makes Ethereum the second cryptocurrency to be offered through Kalshi's perpetuals lineup, following the recent debut of Bitcoin perpetual futures. The platform is offering an introductory period of zero trading fees for early users. Perpetual futures are characterized by their lack of an expiration date, allowing positions to be held indefinitely. The pricing mechanism relies on funding payments to keep the futures contract price aligned with the spot market price. Historically, access to perpetual futures for US traders has been limited, primarily available through offshore exchanges. Kalshi's "American Perpetuals" aim to provide a regulated framework for leveraged exposure to cryptocurrencies. Global perpetual futures trading volume reached $61.7 trillion in 2025, with offshore markets accounting for $92.9 trillion. At the time of Ethereum's launch, ETH was trading around $1,769, down over 3% in the preceding 24 hours, with open interest falling. Kalshi has also submitted applications for perpetual futures contracts for XRP, Solana, Dogecoin, Stellar, Shiba Inu, and Hedera, which are subject to individual CFTC review. The company plans to utilize pricing data from CF Benchmarks for these future products.