Crypto’s favorite $90 trillion trading product is coming to Wall Street, but big banks are taking it slow
Perpetual futures, a popular crypto trading product, are entering regulated U.S. markets following approvals from the CFTC for firms like Kalshi and Coinbase. While trading volumes are significant, major Wall Street banks remain cautious, preferring to observe the market before committing capital.
Why it matters
The integration of crypto-native financial products into regulated U.S. markets signals a potential shift in how traditional financial institutions interact with digital assets.
Perpetual futures have spent years as one of crypto’s most popular trading products, especially for investors outside the United States. Now that the contracts are entering regulated American markets, Wall Street is trying to decide whether they are a passing retail craze or a lasting threat to traditional futures.
The early numbers have been hard to ignore.
Kalshi’s perpetual futures topped $1 billion in trading volume within a week of launch in June, making them the company’s biggest product debut since prediction markets. The exchange has since sought regulatory approval to offer perpetual futures tied to gold and silver, a sign that the product may not stay confined to bitcoin (BTC) and other digital assets.
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