Kalshi is reportedly expanding its crypto derivatives ambitions beyond Bitcoin, with new filings that could bring regulated perpetual futures contracts for XRP, Solana, Dogecoin, and several other cryptocurrencies to U.S. traders.
The reported move comes shortly after the company’s Bitcoin perpetual futures contract received approval from the U.S. Commodity Futures Trading Commission (CFTC), marking a significant milestone in the evolution of regulated crypto derivatives in the United States.
If approved, the new products could provide investors with additional ways to gain exposure to major cryptocurrencies without directly owning the underlying assets.
Kalshi Reportedly Files for Altcoin Perpetual Futures
According to reports circulating within the crypto industry, Kalshi has submitted filings to certify perpetual futures contracts tied to XRP, Solana (SOL), Dogecoin (DOGE), and other leading digital assets.
The report was first highlighted by BankXRP, which claimed the company is seeking regulatory approval to expand its growing suite of cryptocurrency-based derivatives products.
However, unlike Kalshi’s Bitcoin perpetual futures contract, these altcoin products have not yet received formal approval from regulators. As a result, they should currently be viewed as proposed filings rather than confirmed product launches.
The distinction is important because each cryptocurrency contract may require its own regulatory review before becoming available for trading.
Bitcoin Approval Opened the Door
The reported filings follow a major regulatory win for Kalshi.
Recently, the CFTC approved the company’s Bitcoin perpetual futures contract, known as BTCPERP. The approval came after Kalshi submitted the product under Commission Regulation 40.3, which governs the self-certification process for certain derivatives contracts.
While approving the Bitcoin product, regulators also emphasized that perpetual futures structures may not be appropriate for every asset class.
The CFTC encouraged firms to submit additional products for review individually, suggesting that future approvals would likely be evaluated on a case-by-case basis.
That means XRP, Solana, and Dogecoin contracts could still face separate regulatory scrutiny before receiving the green light.
CF Benchmarks May Power Pricing Infrastructure
Reports indicate that Kalshi intends to use pricing data from CF Benchmarks for its proposed crypto perpetual futures products.
CF Benchmarks is already widely recognized across institutional markets and provides reference rates used by numerous regulated cryptocurrency investment products.
By leveraging established benchmark pricing, Kalshi could create transparent reference rates and funding mechanisms designed to keep perpetual futures prices aligned with spot market values.
Perpetual futures differ from traditional futures contracts because they do not have an expiration date. Instead, they use periodic funding payments between traders to maintain price stability and minimize deviations from underlying market prices.
The use of regulated benchmark data could help strengthen confidence among institutional participants and regulators alike.
XRP Gains Momentum in Institutional Markets
The timing of the reported XRP filing is particularly noteworthy.
Over the past year, XRP has continued to build a stronger institutional market presence. Regulated futures products tied to XRP have gained traction, while growing interest in potential XRP exchange-traded funds has increased market attention.
The XRP Ledger has also experienced rising network activity, further supporting investor interest in the asset.
For Kalshi, adding XRP to its derivatives lineup could help attract traders seeking regulated exposure to one of the largest cryptocurrencies by market capitalization.
Competition Intensifies in U.S. Crypto Derivatives
Kalshi’s reported expansion comes as competition in the U.S. crypto derivatives market accelerates.
Several major platforms are actively pursuing regulated crypto futures and perpetual products as demand from institutional and professional investors continues to grow.
Coinbase recently expanded its derivatives offerings through products linked to Deribit, while Kraken has announced plans to launch regulated Bitcoin perpetual futures through Bitnomial.
At the same time, Kalshi has rapidly evolved beyond its original prediction market business. The company recently achieved a reported valuation of $22 billion following a $1 billion Series F funding round, highlighting growing investor confidence in its broader financial market ambitions.
The addition of crypto perpetual futures could further strengthen Kalshi’s position in the increasingly competitive derivatives landscape.
What Approval Could Mean for Traders
If regulators eventually approve the proposed contracts, U.S. traders would gain a regulated avenue to trade XRP, Solana, Dogecoin, and potentially other cryptocurrencies through perpetual futures.
Such products could appeal to investors looking to speculate on price movements, hedge existing positions, or gain crypto exposure without directly holding digital assets.
The launch would also represent another step toward integrating cryptocurrency trading within traditional regulated financial frameworks.
However, approval remains the key hurdle.
For now, only Kalshi’s Bitcoin perpetual futures contract has received confirmed regulatory approval. The proposed XRP, Solana, and Dogecoin products remain reported filings until either the CFTC formally approves them or Kalshi announces an official launch.
The Bottom Line
Kalshi’s reported filings for XRP, Solana, and Dogecoin perpetual futures signal growing momentum in the U.S. regulated crypto derivatives market.
Following the successful approval of its Bitcoin perpetual futures contract, the company appears eager to expand into some of the crypto market’s most actively traded assets.
While the products are not yet approved, the filings highlight increasing institutional demand for regulated cryptocurrency trading instruments. If regulators ultimately give the green light, Kalshi could become one of the first platforms to offer a broad range of crypto perpetual futures under a regulated U.S. framework.
As competition between Kalshi, Coinbase, Kraken, and other market participants intensifies, the race to build the next generation of crypto derivatives infrastructure is only just beginning.
