What to Know
- Kalshi seeks approval for XRP perpetual futures in United States.
- CF Benchmarks will provide pricing data from regulated exchanges.
- Proposed products offer XRP exposure without direct token ownership.
Kalshi has filed for approval to offer perpetual futures contracts linked to XRP, Solana, Dogecoin, and other cryptocurrencies in the United States. If approved, the products would provide American traders with a regulated way to gain exposure to crypto price movements without directly holding the underlying assets, expanding the range of digital asset derivatives available in the country.
The proposal outlines perpetual futures products that would allow traders to maintain positions indefinitely through funding rate mechanisms rather than traditional contract expirations. As a result, users would be able to track the market performance of XRP and other listed cryptocurrencies while operating within a regulated trading environment.
This move comes as demand for crypto-related investment products continues to grow among both retail and institutional participants. Moreover, the filing highlights ongoing efforts to broaden access to digital asset markets through products that mirror spot price movements without requiring direct token ownership.
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CF Benchmarks to Provide Market Pricing Data
Kalshi revealed that it plans to use pricing data from CF Benchmarks as the foundation for its proposed perpetual futures products. The benchmark provider is widely known within the digital asset industry and supplies pricing infrastructure for several regulated cryptocurrency investment products.
According to the filing, Kalshi selected CF Benchmarks because of its transparent methodology and publicly documented pricing framework. Additionally, the company noted that the benchmark system is designed to remain operational during exchange outages and periods of market disruption, helping maintain reliable reference pricing.
To support the pricing process, the benchmark aggregates market data from regulated cryptocurrency exchanges, including Coinbase and Kraken. Consequently, the reference rates and funding calculations would rely on information collected from multiple trading venues rather than a single marketplace.
The filing also emphasized that the pricing framework remains subject to regulatory oversight, an element Kalshi believes could strengthen confidence among market participants seeking regulated crypto derivatives exposure.
XRP Could Gain Another Regulated Trading Avenue
For XRP, the proposal could create another regulated market channel for traders in the United States. Instead of purchasing and storing the token directly, market participants would be able to speculate on XRP price movements through perpetual futures contracts if regulators approve the offering.
The filing represents another sign of growing interest in regulated cryptocurrency products within the United States. While approval remains pending, Kalshi’s proposal would introduce a new derivatives option for XRP and other major digital assets, further expanding the range of trading instruments available to U.S. investors.
Kalshi’s latest filing signals its intention to expand regulated crypto derivatives offerings in the United States. If approved, XRP perpetual futures would give traders continuous market exposure through a framework built on benchmark pricing and regulated market infrastructure.
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