TLDR
- Polymarket introduced perpetual futures on April 21, enabling traders to take long or short positions on prediction outcomes around the clock
- Competitor Kalshi is set to unveil its perpetual futures offering, dubbed “Timeless,” on April 27 in New York
- Kalshi’s perpetual futures will feature cryptocurrency contracts, positioning it as a rival to Coinbase and Robinhood
- The prediction markets sector recorded an unprecedented 192 million transactions in March 2026
- Both companies are vying for derivatives market share amid declining crypto spot trading activity
On April 21, prediction markets platform Polymarket rolled out perpetual futures trading, giving traders the ability to take leveraged bets on market outcomes with continuous availability.
The launch occurred mere hours following news that competitor Kalshi intends to release its proprietary perpetual futures offering, internally referred to as “Timeless,” scheduled for April 27 in New York.
Perpetual futures contracts, commonly called “perps,” differ from traditional futures by having no expiration date. This allows market participants to maintain leveraged positions indefinitely and close them at their discretion, provided they maintain sufficient collateral.
Polymarket characterized its latest offering as enabling users to “go long or short the markets you know 24/7.” The infrastructure operates on the Ethereum and Polygon blockchain networks, with settlements processed in USDC stablecoin.
While Polymarket hasn’t officially stated whether cryptocurrency assets will be included in its perpetual futures lineup, the platform’s user demographic has traditionally consisted largely of crypto market participants.
Kalshi CEO Tarek Mansour initially previewed “Timeless” on April 13 through an enigmatic promotional video revealing the April 27 release date. Kalshi’s perpetual futures product will incorporate cryptocurrency contracts, creating direct competition with established players like Coinbase and Robinhood.
Both Coinbase and Robinhood integrated prediction market capabilities within the last year. Additionally, Coinbase completed a $2.9 billion acquisition of Deribit, a major crypto derivatives platform, marking the largest merger and acquisition transaction in cryptocurrency sector history.
A Fast-Growing Market
Activity within prediction markets has experienced rapid expansion. Total transactions across the industry exceeded 192 million in March 2026, establishing a new all-time high.
Kalshi currently carries an $11 billion valuation and handles more than $100 billion in annualized trading volume. Polymarket holds a $9 billion valuation, with weekly notional trading volume consistently surpassing $1 billion throughout the first quarter of 2026.
During 2025, major centralized cryptocurrency exchanges recorded $86.2 trillion in perpetual futures volume annually, representing a 47% increase year-over-year, based on CoinGecko data.
Perpetual futures have maintained popularity in international markets as instruments for short-term speculation, position hedging, and leveraged trading across various market environments.
Competition Heats Up
The strategic timing of Polymarket’s product announcement seems intentional. By revealing its perpetual futures ahead of Kalshi’s planned debut, the platform may be seeking first-mover advantage in attracting traders and establishing liquidity depth.
Both Polymarket and Kalshi declined to provide statements when contacted by media outlets.
The two platforms have experienced substantial growth trajectories. Their entry into perpetual futures markets coincides with stagnant cryptocurrency valuations and reduced spot trading volumes.
Perpetual futures can sustain trading activity even during sideways price action, which likely factors into both companies’ current strategic calculations.
Kalshi’s “Timeless” product remains on track for its April 27 launch date.
