Kalshi moves beyond Bitcoin: files for XRP, Solana and Dogecoin perpetuals
Prediction-market-turned-derivatives venue Kalshi has reportedly filed to certify perpetual futures tied to XRP, Solana (SOL), Dogecoin (DOGE) and other major altcoins in the U.S., marking a potential expansion of its crypto derivatives offering beyond its newly approved Bitcoin perpetual.
What’s been filed (reported)
- Social posts from watchers including BankXRP show a Kalshi filing to certify perpetual contracts for XRP, SOL, DOGE and additional altcoins in the United States. The filing is still a reported submission and has not received the public regulatory approval that Kalshi’s Bitcoin perpetual contract has.
Why the distinction matters
- Kalshi’s BTCPERP contract already won Commodity Futures Trading Commission (CFTC) approval under Commission Regulation 40.3, giving it a cleared path to list a regulated Bitcoin perpetual. By contrast, the altcoin filings are at the reporting stage: each product could require its own review and approval before trading can begin.
- The CFTC has cautioned that perpetual contract design “may not suit every asset class,” and encouraged firms to submit products tied to different assets for prior review—underscoring that approval for one perpetual doesn’t automatically extend to others.
Pricing and infrastructure
- Reports say Kalshi plans to use CF Benchmarks pricing data for its proposed perpetuals. CF Benchmarks already supplies regulated reference rates used by institutional crypto products, and that pricing framework would be used to set reference prices and funding rates—key mechanics for perpetuals, which don’t expire and rely on funding payments to anchor futures to spot.
Market context and competition
- XRP and other altcoins are now supported by a broader institutional market structure than in prior cycles: CME has used CF Benchmarks for XRP futures, and XRP-related on-chain and ETF demand have been rising.
- Kalshi’s filing comes amid a fast-moving U.S. derivatives race: Coinbase opened a regulated route for institutions through Deribit-linked products, and Kraken has reportedly planned regulated Bitcoin perpetuals via Bitnomial within about 30 days. That puts Kalshi, Coinbase and Kraken in direct competition for institutional perpetual flow.
Why it matters
- If approved, Kalshi’s altcoin perpetuals would give U.S. traders a regulated way to gain price exposure to XRP, SOL, DOGE and others without holding the underlying tokens. For Kalshi the product push continues a broader transformation: the firm — once known for prediction markets — recently raised a $1 billion Series F that valued the company at roughly $22 billion and coincided with a sharp rise in institutional volume.
Bottom line
- Kalshi’s Bitcoin perpetual is approved and live; the XRP, Solana and Dogecoin contracts remain reported filings until the CFTC confirms approval or Kalshi formally announces launches. Regulatory review—and the asset-specific suitability of perpetuals—will determine how quickly these products reach the market.
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