@Kalshi has recently launched US 500 index perpetual futures.
Its biggest feature is simple: there is no expiration date, and no need for periodic rolling, so traders can go long or short the entire U.S. stock market index directly.
With traditional futures, after contracts expire you need to roll them; reopening positions incurs trading costs, bid-ask spreads, and slippage. Over long holding periods, these costs keep accumulating.
Perpetual contracts remove the “expiration/rolling” step. Positions can remain open continuously, and you only need to bear the corresponding funding costs.
But what’s really worth paying attention to is its entry into the U.S. market.
Index perps in the Crypto market are no longer new. Now this product format is starting to enter regulated U.S. markets, which means traditional finance is absorbing Crypto-native product design.
In the past, it was Crypto learning from Wall Street.
Now, another path may be emerging:
Not Crypto learning from Wall Street, but Wall Street starting to absorb what Crypto created.
What’s truly worth关注ing isn’t who is copying whom, but which Crypto-native products will ultimately be kept by traditional finance.
Its biggest feature is simple: there is no expiration date, and no need for periodic rolling, so traders can go long or short the entire U.S. stock market index directly.
With traditional futures, after contracts expire you need to roll them; reopening positions incurs trading costs, bid-ask spreads, and slippage. Over long holding periods, these costs keep accumulating.
Perpetual contracts remove the “expiration/rolling” step. Positions can remain open continuously, and you only need to bear the corresponding funding costs.
But what’s really worth paying attention to is its entry into the U.S. market.
Index perps in the Crypto market are no longer new. Now this product format is starting to enter regulated U.S. markets, which means traditional finance is absorbing Crypto-native product design.
In the past, it was Crypto learning from Wall Street.
Now, another path may be emerging:
Not Crypto learning from Wall Street, but Wall Street starting to absorb what Crypto created.
What’s truly worth关注ing isn’t who is copying whom, but which Crypto-native products will ultimately be kept by traditional finance.