Kalshi and Hyperliquid Just Became Each Other's Frenemies on the Perpetuals Battlefield 🥊

Kalshi, the CFTC-regulated prediction market, has launched Hyperliquid ($HYPE) perpetual futures trading for users in the United States, the platform confirmed in a post on X. The contracts, which carry no expiration date, debuted with zero trading fees for a limited time and no waiting list.

The HYPE perpetuals filing follows Kalshi's recent application with the CFTC to list the product, expanding the platform's perpetual lineup beyond previously filed altcoins including Ethereum ($ETH), XRP, Solana ($SOL), Stellar ($XLM), Dogecoin ($DOGE), Shiba Inu ($SHIB), Hedera ($HBAR), Chainlink ($LINK), Bitcoin Cash ($BCH), Litecoin ($LTC), Sui ($SUI), Polkadot ($DOT). Kalshi had previously launched Bitcoin and Ethereum perpetuals, followed by Solana and XRP, with XLM, DOGE, SHIB, and HBAR expected next.

Kalshi and Hyperliquid have a close partnership built on a major HIP-4 infrastructure upgrade that brought Kalshi's regulated financial and prediction markets onto Hyperliquid's decentralized execution layer. The new perpetuals launch directly pits Kalshi against Hyperliquid, Binance, and Coinbase in the same market segment. BitMEX co-founder Arthur Hayes has previously stated that Hyperliquid could lose market share as TradFi platforms and major crypto exchanges enter the perpetual futures segment. The products are offered under the trademark "American Perpetuals." The HYPE perpetuals launch coincided with HYPE futures open interest topping XRP futures open interest, according to data cited in the announcement.