Kalshi listed perpetual futures on 4 more cryptocurrencies, Zcash (ZEC), Near Protocol (NEAR), Shiba Inu (SHIB) and Dogecoin (DOGE), widening its U.S. regulated derivatives lineup.
Key Points:
- Kalshi added Zcash and Near Protocol perpetual contracts under its CFTC-regulated American Perpetuals brand.
- Dogecoin and Shiba Inu perpetuals also reached the platform after clearing federal review.
- The new markets opened as a broad selloff dragged crypto prices and triggered fresh liquidations.
Kalshi Widens American Perpetuals Roster
The prediction market rolled out the two contracts under its American Perpetuals label, a product line that never expires and instead settles through periodic funding payments between traders. Both sit under Commodity Futures Trading Commission oversight on a registered exchange, the same regulatory footing as the platform's earlier crypto contracts. The company filed its paperwork for Zcash and Near Protocol with the agency earlier this week.
Dogecoin and Shiba Inu perpetuals also trade on the venue now, each held to modest leverage that keeps speculative bets well below the offshore norm. Early users get waived fees for a limited stretch.
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CFTC Review Guides Altcoin Approvals
Kalshi filed for a dozen altcoin perpetuals earlier this month, and regulators agreed to clear each contract through individual review rather than one blanket order. That approach keeps thinner, more volatile tokens under closer scrutiny before they reach retail traders. Contracts tied to Stellar (XLM), Polkadot (DOT) and Hedera (HBAR) still sit in the review queue, awaiting their own sign-off from the commission.
The expansion advanced even after CME Group sued the regulator and its chairman, arguing that the contracts are swaps and inflict competitive injury on long-established futures exchanges. The CFTC and the Securities and Exchange Commission have since asked the public to help harmonize how these products should be defined across U.S. markets.
Zcash, Near Protocol Slide In Market Selloff
The new markets opened into a sinking tape, as a global wave of risk aversion slid through equities and crypto and wiped out hundreds of millions of dollars in leveraged positions. Bitcoin (BTC) slid near $62,000. Zcash dropped about 9% over 24 hours, and Near Protocol slipped alongside the broader retreat in altcoins.
Much of the selling traced back to a sharp drop in Asian technology stocks, a move that spread into crypto through risk trades that now track equities far more closely than they once did. Traders now eye this week's U.S. inflation print and a monthly options expiry for the next clear cue.
Kalshi opened its perpetuals push in late May with Bitcoin, the first such contract ever cleared for trading on a U.S. venue. Ethereum (ETH), XRP (XRP), Solana (SOL) and Hyperliquid (HYPE) followed through June under the same regulated framework.
The XRP debut alone drew $100 million in volume within a single day, a sign of how fast demand met the new onshore markets.
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