Kalshi has introduced what it says is the first regulated perpetual-style market in the United States, expanding its trading offerings beyond prediction markets into crypto-linked products.

The new product, branded as Kalshi Perpetuals, lets users trade on crypto prices moving higher or lower with leverage and no expiration date. The company is promoting the service with a sign-up page that highlights the ability to trade price direction rather than ownership of the underlying asset.

The launch positions Kalshi in a fast-growing corner of the crypto trading industry. Perpetual contracts, often called perps, are widely used on offshore exchanges and are known for allowing traders to maintain positions without a fixed settlement date. Kalshi is presenting its version as a regulated U.S. offering, a distinction that could appeal to users looking for a more formalized trading venue.

The sign-up flow for the product directs users to create an account through Google, Apple, or email. Kalshi says users must agree to legal terms associated with both Kalshi and Kinetic Markets before registering for the new service. The page also notes that a Kalshi account is required before a user can register for Kinetic Markets.

The company is also using a promotional offer to draw attention to the launch. Its landing page advertises a bonus for new activity, promising users $25 after they trade $50. That incentive appears aimed at boosting early interest in the product as Kalshi rolls it out.

Kalshi has built its business around regulated event contracts, where users trade on the outcome of future events rather than directly on stocks, commodities, or cryptocurrencies. The move into perpetual-style crypto trading suggests the company is testing how far that model can stretch into adjacent markets while maintaining a regulated structure.

The availability of leverage is likely to be a key point of attention. Leveraged products can magnify gains and losses, which makes them popular with active traders but also riskier than simple spot purchases. Kalshi’s pitch emphasizes the combination of leverage and no expiration, two features that have made perpetual contracts especially popular in crypto markets.

The launch also adds another sign that regulated platforms are trying to capture demand that has historically flowed to offshore exchanges. By offering a similar product in the U.S., Kalshi may be seeking to bring a familiar crypto trading format into a compliance-focused environment.

Kalshi has not publicly detailed all of the market mechanics in the material provided, but the company’s promotional page makes clear that the product is being introduced as a new way to speculate on crypto price movements. For now, the rollout appears centered on opening access and encouraging sign-ups, with the company framing the product as part of its broader regulated trading platform.