Kalshi Seeks SEC Approval for XRP, Solana Perpetual Futures in US
In brief
- Kalshi filed SEC proposal for perpetual futures on XRP, Solana, Dogecoin and other altcoins
- CF Benchmarks will provide pricing data aggregated from regulated exchanges
- Contracts enable US traders indefinite positions tracked to spot prices via funding rates
Perpetual Futures Framework
Kalshi's filing proposes that the company receive SEC regulatory approval to trade perpetual futures contracts for XRP and other listed altcoins. The proposed contracts would allow U.S. crypto traders to track spot market prices for XRP and other altcoins while maintaining positions indefinitely through funding rate mechanisms.
Perpetual futures differ from traditional futures by carrying no expiration date. Instead, they use funding rates—periodic payments between long and short positions—to keep contract prices aligned with the underlying asset's spot price.
CF Benchmarks as Pricing Provider
CF Benchmarks will aggregate market data from regulated exchanges including Coinbase and Kraken to determine reference prices and funding rates for the contracts. Kalshi selected the digital asset index provider because its pricing data is publicly documented, subject to regulatory oversight, and designed to remain operational even during exchange outages or trading disruptions.
The company emphasized that the choice bolsters trust for potential American users. By relying on transparent, regulated data sources rather than a single exchange, the platform aims to reduce manipulation risk and ensure fair pricing during volatile market conditions.
Regulatory Path Forward
The filing represents Kalshi's formal request for SEC approval. The regulator will need to assess whether perpetual futures on altcoins meet the agency's framework for derivatives trading. Approval would mark a significant expansion of crypto derivative products available to U.S. retail traders, who currently have limited access to perpetual futures on major altcoins through domestic platforms.
Frequently asked questions
What are perpetual futures?
Perpetual futures are derivative contracts with no expiration date. Instead of settling at a fixed time, they use funding rates—periodic payments between long and short positions—to keep the contract price aligned with the underlying asset's spot price.
Why does Kalshi use CF Benchmarks for pricing?
Kalshi selected CF Benchmarks because its pricing data is publicly documented, subject to regulatory oversight, and designed to remain operational during exchange outages. This approach reduces manipulation risk and ensures fair pricing during volatile conditions.
