Kalshi just rolled out a professional trading terminal purpose-built for its perpetual futures contracts, giving US-based institutional traders something they’ve never really had before: a regulated, domestic platform for trading perps with serious tooling attached.

The Kalshi Pro terminal, which went live on July 13, targets active and institutional traders who have historically relied on cobbled-together APIs or offshore platforms to access perpetual futures. It features advanced charting, live trade feeds, enhanced order book visibility, and multi-leg position capability.

From prediction markets to derivatives powerhouse

On May 29, Kalshi launched the first CFTC-regulated perpetual futures in the United States, initially focused on crypto assets. Perpetual futures are contracts that let traders speculate on an asset’s price without an expiration date. They’ve been the bread and butter of offshore crypto exchanges like Binance and Bybit for years, but they’ve never had a fully regulated home in the US.

The demand was immediate. Trading volume blew past $1 billion in the first week alone. It subsequently climbed to $5.5 billion as more traders piled in.

The Pro terminal includes terminal-grade charting and risk management tools specifically designed for perpetual futures contracts. It is not yet monetized.

The institutional play

Kalshi has been assembling backend infrastructure that institutional traders need, including clearing services for hedge funds through a partnership with Clear Street, a prime brokerage firm that has been making aggressive moves into digital assets.

Kalshi’s annualized trading volume has tripled to $178 billion, with the growth driven largely by quant funds and experienced traders entering the platform.