The Commodity Futures Trading Commission today announced it has issued an Order for Approval to KalshiEX, LLC, a designated contract market, for the listing of the BTCPERP Contract, a perpetual contract that references the spot price of bitcoin, as a futures contract. Kalshi submitted the BTCPERP Contract pursuant to Commission Regulation 40.3 for Commission review and approval on May 29, 2026.
The Commission issued the Order under Section 5c(c)(4) of the Commodity Exchange Act, and Commission Regulation 40.3. After review of the submission and associated materials, the Commission determined that the BTCPERP Contract complies with the Commodity Exchange Act and the Commission’s regulations thereunder, including the Core Principles applicable to DCMs under Section 5(d) of the Act and Part 38 of the Commission’s regulations.
The Order requires, among other terms and conditions, that Kalshi list and maintain the BTCPERP Contract in compliance with all applicable provisions of the Commodity Exchange Act and the Commission’s regulations thereunder, as may be amended or adopted. The Order was based on representations and submissions made by Kalshi in support of its request for Commission approval, including its explanation and analysis of the BTCPERP Contract’s terms and conditions, the nature of the underlying commodity market, and the BTCPERP Contract’s compliance with applicable provisions of the Commodity Exchange Act and the Commission’s regulations thereunder, including the Core Principles applicable to DCMs.
The Commission recognizes that the perpetual contract design may not be suitable for all asset classes. With this in mind, and consistent with the Commission’s Policy Statement Concerning the Listing of Perpetual Contracts, the Commission encourages market participants to engage with Commission staff and submit for Commission review and approval any perpetual contract on assets that are not contemplated in the Order pursuant to the voluntary product approval process under Commission Regulation 40.3.
