Kalshi crypto perpetuals spark futures vs. swaps debate

Kalshi's recent launch of CFTC-regulated crypto perpetuals has ignited a significant debate among financial market veterans regarding their classification as either futures or swaps. This discussion is crucial as it could dictate regulatory treatment, access for retail investors, and the overall market structure for these products. While one side argues perpetuals function like swaps due to recurring funding-rate payments, the other contends they are akin to futures, being exchange-traded and centrally cleared. The outcome of this classification debate will significantly impact customer protections and the competitive landscape for U.S. versus offshore crypto venues.