Kalshi continues to expand its layout of crypto derivatives in the US market. On September 4th, the platform added 5 new crypto perpetual contracts, with underlying assets being BNB, Cardano, Worldcoin, Aave, and Venice Token, which are open to eligible US traders.
5 new perpetual contracts added
These contracts all use US dollars for margin and settlement, have no fixed expiration dates, and support both long and short positions. According to the platform's product information, the maximum leverage varies for different assets; for BNB, it is approximately 4.5 times, and for VVV, it is about 1.9 times.
With the launch of these 5 varieties, Kalshi currently offers perpetual contracts for Bitcoin and 17 altcoins. Existing products also include Ethereum, XRP, Solana, Hyperliquid, and Zcash among other assets.
- BNB corresponds to the BNB Chain ecosystem.
- ADA corresponds to the Cardano network
- AAVE is the protocol governance token for Aave.
Among them, the items related to WLD, VVV, and AI are interconnected. Perpetual contracts themselves only provide price exposure and do not require users to hold the corresponding tokens; profits and losses depend on changes in reference prices and the direction of positions held.
CFTC Filing is not a item-by-item vote.
Kalshi is a designated contract market regulated by the U.S. Commodity Futures Trading Commission (CFTC). Prior to the launch of this new product, the platform had submitted the relevant contract materials through the CFTC public filing system.
However, the filing into the CFTC system does not mean that the committee has approved each contract individually. According to the current procedures, registered exchanges can launch certain products through applicable certification or review processes; therefore, 'filed' and 'approved item by item' are not the same concept.
CME The lawsuit has still not been adjudicated.
The legal characterization of decentralized finance (DeFi) perpetual contracts remains a subject of controversy. CME Group previously sued CFTC because regulatory authorities allowed Kalshi to launch Bitcoin perpetual contracts and granted Coinbase relevant regulatory exemptions.
The core argument of CME is that such perpetual products should be regarded as swaps, rather than traditional futures. If treated as swaps, a different set of regulatory frameworks would apply. On September 2nd, CFTC requested the court to dismiss the lawsuit filed by CME, claiming that CME had not demonstrated any specific financial losses as a result.
At present, the court has not yet made a ruling on issues of litigation eligibility or how products should be classified. For Kalshi, the platform can continue to offer newly launched contracts in the short term; what is of greater concern is how the federal court will respond to CFTC's request to withdraw the lawsuit.
Additional information:The report mentioned that the related filings for other assets such as XLM, DOT, and HBAR are also said to be in progress, but as of the time of publication, the specific launch dates have not been confirmed.
