Polymarket · CME Group · Bitcoin · Iran · CryptoSlate
CME suit challenges whether Kalshi’s Bitcoin leverage push can become an everything-exchange
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The CFTC approved KalshiEX's BTCPERP contract on May 29, one day after Kalshi submitted it under Regulation 40.3.
Key facts
- Between May 17 and June 10, SpaceX pre-IPO perps generated approximately $3.2 billion in volume and $390 million in open interest across eight exchanges, with Binance accounting for $2.1 billion
- The CFTC proposed new event-contract rules on June 10, with comments due July 27, and on June 12 sued New Mexico to block state gaming enforcement against CFTC-registered contract markets, citing
- Offshore venues continue to dominate global perp volume, which reached $61.7 trillion in 2025, up 29% from the prior year, while US onshore-regulated perps stay below $154 billion in annual notional
- Bitcoin is +0.70% over the past 24 hours and currently sits at rank # 1 by market cap
Summary
01 CME says it will sue the CFTC, arguing Kalshi’s Bitcoin perpetual contract was wrongly approved as a futures product. 02 Kalshi has already topped $5 billion in perp volume, and CME, Cboe, and ICE fell as investors saw a threat. 03 The case will test whether courts and regulators let Bitcoin perps, event contracts, and state gaming rules keep converging. The contract references spot Bitcoin, carries no expiry date, and perps generally allow leverage as high as 50-to-1, with automatic liquidation that can wipe out positions during sharp moves.