Two of the largest prediction market platforms in the United States are set to enter the cryptocurrency derivatives space within days of each other, marking a shift in how these platforms compete for traders.
Calci, the $11 billion CFTC-regulated prediction market, will be launched Cryptocurrency futures on April 27 in New York City. The company has teased the product under the codename “Timeless” — a name that ties into the contract’s primary feature: no expiration date. CEO Tariq Mansour revealed the launch date through a mysterious video on LinkedIn showing a rotating hoop shape. Bitcoin and several other cryptocurrencies are expected to be launched, with the US dollar as the accepted primary security.
Hours before this announcement spread across cryptocurrency media on April 21, rival Polymarket made its own move. The platform is worth $9 billion Announce Launching perpetual futures trading today on X, allowing users to buy or sell to predict market outcomes around the clock without waiting for event contracts to expire. The timing was not a coincidence. Polymarket framed its product as a way to “buy or sell in the markets you know 24/7,” in a direct attempt to establish a position ahead of the Kalshi event on April 27.
Perpetual crypto contracts
The mechanics of perpetual futures contracts differ from standard event contracts. Traders can hold positions on asset prices without owning the underlying token, and the funding rate keeps the contract price in line with spot markets.
For Kalci, the product represents her first venture beyond event-based binary contracts. For Polymarket, it adds a continuous trading layer to the platform that operates on a precision-based model.
Both platforms posted strong numbers heading into this product race. Predictive market transactions hit a register 192 million in March 2026. Calci reported a monthly cryptocurrency trading volume of over $1 billion in March for the first time, based on user-collected data from Dune Analytics. Calci processes more than $100 billion in annual trading volume, while Polymarket recorded a weekly virtual volume of more than $1 billion during the first quarter of 2026.
Kalshi’s regulatory status under the CFTC gives it a structural advantage over offshore derivatives platforms. The head of the Commodity Futures Trading Commission (CFTC) said the agency plans to bring perpetual futures contracts under its supervision, a development that could favor regulated venues. Calci also plans to offer stablecoin collateral for its perpetual products in the second quarter.
New York sues market prediction makers
Earlier today, New York Attorney General Letitia James Announce A lawsuit against Coinbase and Gemini, alleging that their prediction market platforms operate as gambling services that are unlicensed under state law. The lawsuits allege that the platforms allow betting on the outcomes of events without proper consent and may expose underage users to financial risks.
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