Kalshi Hits $1B in Crypto Perps Volume, Expands to HYPE and Solana

Kalshi, a U.S.-regulated prediction market platform, has recorded over $1 billion in notional volume on its perpetual futures products in less than one week. The platform launched its first CFTC-approved crypto perps on May 29, starting with Bitcoin. It has since expanded to Ethereum, XRP, Solana, and Hyperliquid’s HYPE token. The rapid growth signals institutional demand for regulated crypto derivatives in the United States.

From $100 Million to $1 Billion in Days

Kalshi recorded over $100 million in notional volume within the first 24 hours of launching its perpetual futures platform on May 29. Less than a week later, total notional volume had crossed $1 billion. The platform now offers perpetual contracts on Bitcoin, Ethereum, XRP, Solana, and Hyperliquid’s HYPE token, with plans to add Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera in the coming days.

HYPE Token Surges on Regulated Listing

Hyperliquid’s HYPE token climbed more than 10% to around $58.65 after Kalshi launched CFTC-regulated perpetual futures tied to the asset on June 12. HYPE futures open interest rose 10.7% over 24 hours to $2.48 billion, moving ahead of XRP, which held $2.45 billion in open interest. Kalshi removed its waiting list and introduced zero trading fees for a limited time to attract traders. The filing for HYPE perpetuals was submitted to the CFTC on June 9.

Institutional Demand Shifts Onshore

The crypto derivatives market has historically been dominated by offshore, lightly regulated exchanges like Binance and Bybit. Hedge funds, family offices, and registered investment advisors generally cannot access unregulated offshore derivatives. The $1 billion in volume within one week suggests institutional demand is moving to regulated venues. Kalshi’s partnership with Hyperliquid, formed in March 2026, enables on-chain prediction markets to integrate directly into Hyperliquid’s decentralized exchange through Hyperliquid Improvement Proposal 4 (HIP-4).

Regulatory Approval Opens New Market

Kalshi’s rapid expansion into Solana perpetual futures and other DeFi-native tokens marks the first time a regulated U.S. venue has offered perp contracts on these assets. The platform operates under CFTC oversight, giving it a competitive advantage over offshore exchanges. American traders have historically relied on unregulated offshore platforms for perpetual futures access. Kalshi’s success demonstrates growing appetite for regulated crypto derivatives products among both retail and institutional participants.

Final Thoughts

Kalshi’s $1 billion volume milestone in one week shows institutional demand for regulated crypto derivatives is real and growing. The platform’s expansion into HYPE, Solana, and other tokens signals a shift from offshore to onshore trading infrastructure in the United States.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.