Perpetual futures have spent years as one of crypto’s most popular trading products, especially for investors outside the United States. Now that the contracts are entering regulated American markets, Wall Street is trying to decide whether they are a passing retail craze or a lasting threat to traditional futures. The early numbers have been hard to ignore. Kalshi’s perpetual futures topped $1 billion in trading volume within a week of launch in June, making them the company’s biggest product…
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