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Kalshi will enter the crypto market by offering perpetual futures, the most popular type of trading products, on crypto tokens such as bitcoin, the people said. Crypto perpetuals, largely off-limits to U.S. traders so far, are a type of risky product popular on overseas exchanges like Binance and Hyperliquid. They are futures contracts that allow traders to make leveraged bets on crypto prices without an expiration date.
Coinbase is also gearing up to offer perpetual products in the U.S. Last year, it launched “perpetual-style futures,” with expiration dates of five years. Kraken last week announced an acquisition of Bitnomial, a U.S. crypto derivatives platform, for up to $550 million, which could allow it to offer perpetuals in the U.S.
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