Prediction market Kalshi opened Ethereum (ETH) perpetual futures to U.S. traders on Thursday with zero fees, as the token slid near $1,769 in a broad selloff.
Key Points:
- Kalshi switched on Ethereum perpetual futures for U.S. users on June 4, waiving fees for a limited time.
- The move builds on the firm's Bitcoin perpetuals debut and a filing that covers a dozen altcoins.
- Ether traded around $1,769, down roughly 3% as the wider market sold off.
Kalshi Ethereum Perpetuals Go Live
The CFTC-regulated platform confirmed the contracts went live and branded them American Perpetuals, a tag meant to signal compliant U.S. access.
To draw early traders, the firm dropped fees for a limited stretch. Users have to join a waitlist to claim the offer.
The launch follows Kalshi's Bitcoin (BTC) perpetuals, which debuted days earlier as the first such product cleared for American users. It pushed the company further into crypto derivatives, well beyond its roots in event contracts.
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Why Kalshi Perps Matter
Scott Melker, a widely followed trader, framed the rollout bluntly, saying it was "the trade Americans weren't allowed to make is now legal."
The product gives regulated leveraged exposure to Ether without an expiry date, a structure long dominated by offshore venues. CEO Tarek Mansour has said the firm is moving into a "next-gen derivatives exchange." Supporters argue the contracts deepen liquidity and tie crypto closer to mainstream finance.
XRP And Solana Perps Next
Kalshi has filed for perpetual futures on a dozen altcoins, among them XRP (XRP), Solana (SOL), Dogecoin (DOGE) and Hedera (HBAR). Regulators noted they will weigh each listing case by case. XRP, Solana and Hedera contracts could follow within days.
The debut landed during a rough session for crypto. Ether slipped about 3% to near $1,769, while open interest across Ether futures fell more than 6% to roughly $26.48 billion.
Kalshi reached this point fast. Its Bitcoin perpetuals went live only days ago, after the CFTC cleared the first U.S. contract and signaled openness to more. That capped a quick shift from prediction market into a full derivatives venue.
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