Polymarket and Kalshi to launch perpetual futures; New York and Illinois ban state staff from prediction markets amid insider-trading concerns

first published 2026-04-22T15:44:58Z

Polymarket announced early-access sign-ups for perpetual futures allowing leveraged long/short positions on BTC, stocks and gold with no fixed expiration. The Information reports Kalshi plans to launch crypto perpetuals first, may expand to other asset classes, and reportedly secured a CFTC margin trading license. Combined monthly trading volume for Kalshi and Polymarket topped $23B. Both moves position the two largest prediction-market platforms by volume into direct competition with centralized and on-chain exchanges amid a CFTC review of prediction markets and state-level gambling-license challenges.

AI Analysis

Both platforms are launching perpetual futures (Polymarket early-access; Kalshi reportedly first) and together already handle large monthly volume ($23B), which can materially shift trading flows. Impact is tempered by an ongoing CFTC review of prediction markets and state-level gambling-license challenges and thus not purely bullish.

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