Prediction market platform Kalsi is preparing to launch crypto trading in the US, expanding beyond its core prediction market business as competition intensifies between the two sectors, The Information reports.
The platform plans to start by offering perpetual futures tied to crypto tokens such as Bitcoin, people familiar with the matter told the magazine.
Perpetual futures are a type of derivative contract that allows traders to bet on the price of an asset without owning the asset and without a fixed expiry date. Unlike traditional futures, which settle at a set time, perpetual contracts can be held indefinitely as long as the trader maintains sufficient collateral. It maintains the price in line with the underlying asset through the settlement of funds between long and short positions and is a core product of many offshore crypto exchanges.
Kalsi’s move puts it in more direct competition with crypto platforms such as Coinbase (COIN), which are expanding their own derivatives and prediction market offerings. Coinbase does not yet offer true perpetual futures in the US, but has expressed interest in introducing “perpetual-style” futures contracts with long expiration dates and bringing more sophisticated derivatives products domestically. Other exchanges are moving in a similar direction, highlighting a broader effort to capture demand that has traditionally flowed to offshore exchanges.
Calsi’s expansion comes as the U.S. regulatory landscape begins to change, opening the door to products that were primarily traded overseas. The company has already obtained multiple licenses from the Commodity Futures Trading Commission (CFTC) and recently won approval to offer margin trading, making it poised to enter the derivatives market.
The company plans to start with perpetual assets linked to cryptocurrencies, but could expand the model to other asset classes over time, one of the people said.
The move reflects the growing overlap between prediction markets and crypto trading platforms, which are increasingly competing for the same users. Several major crypto exchanges such as Coinbase, Crypto.com, and Gemini have introduced prediction market products, but crypto trading volumes have declined in recent months due to the market downturn.
At the same time, prediction market activity has surged, attracting both user engagement and investor capital. This convergence is forcing platforms like Kalshi to compete for a shared base of traders and expand their service offerings.
