TLDR
- Polymarket introduced perpetual futures on April 21, enabling traders to take long or short leveraged positions around the clock
- Competitor Kalshi is set to unveil its perps offering called “Timeless” on April 27 in New York
- Kalshi’s upcoming product features crypto perpetual futures, challenging platforms like Coinbase and Robinhood
- March 2026 saw prediction market transactions reach a record 192 million
- The platforms are competing aggressively for derivatives market share amid declining crypto spot volumes
On April 21, prediction markets platform Polymarket unveiled perpetual futures trading, enabling users to establish leveraged positions on market outcomes with 24/7 availability.
The announcement arrived mere hours following news that competing platform Kalshi intends to debut its perpetual futures offering, internally called “Timeless,” on April 27 in New York.
Perpetual futures—commonly called “perps”—represent futures contracts without expiration dates. Market participants can maintain leveraged positions and close them at will, provided they retain sufficient collateral to support the trade.
Polymarket characterized its latest offering as enabling users to “go long or short the markets you know 24/7.” Operating on the Ethereum and Polygon blockchain networks, the platform executes settlements using USDC.
Whether Polymarket’s perpetual futures will incorporate cryptocurrency assets remains unconfirmed. However, the platform’s user community has traditionally consisted largely of crypto enthusiasts and traders.
Kalshi CEO Tarek Mansour initially previewed “Timeless” on April 13 through an enigmatic video that disclosed the April 27 rollout date. Kalshi’s product lineup will incorporate crypto perpetual futures, positioning it as a direct rival to established players Coinbase and Robinhood.
Both Coinbase and Robinhood integrated prediction market capabilities within the last year. Additionally, Coinbase completed a $2.9 billion acquisition of crypto derivatives platform Deribit, representing the industry’s largest merger and acquisition transaction to date.
A Fast-Growing Market
Prediction market engagement has experienced rapid expansion. Industry-wide transactions exceeded 192 million in March 2026, establishing a new all-time high.
Kalshi currently commands an $11 billion valuation and handles more than $100 billion in annualized trading activity. Polymarket holds a $9 billion valuation, maintaining weekly notional trading volume consistently exceeding $1 billion throughout the first quarter of 2026.
During 2025, leading centralized cryptocurrency exchanges registered $86.2 trillion in annual perpetual futures volume, representing a 47% increase from the previous year, based on CoinGecko data.
Perpetual futures have established popularity internationally as instruments for speculating on near-term price movements, hedging existing positions, and accessing leverage across various market environments.
Competition Heats Up
Polymarket’s announcement timing suggests strategic positioning. Launching publicly ahead of Kalshi’s scheduled debut potentially allows the platform to capture early momentum with traders and liquidity suppliers.
When contacted by media outlets, neither Polymarket nor Kalshi provided commentary.
Both platforms have demonstrated significant growth trajectories. Their pivot toward perpetual futures coincides with stagnant cryptocurrency valuations and diminished spot trading engagement.
Perpetual futures can sustain trading volume even during sideways price action, which likely contributes to their strategic appeal for both organizations currently.
Kalshi’s “Timeless” product remains on schedule for its April 27 introduction.
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