#KalshiBTCPerps The US Just Got Its First Regulated BTC Perp. The Offshore Market Is $92T. Kalshi listed BTCPERP on June 3. CFTC approved it on May 29. No expiry, 8-hour funding rate, BTC spot as the underlying. Standard perp mechanics, except this one is the first to exist inside the US regulatory framework rather than outside it. That last part is the headline. Crypto perp markets process over $92T annually. All of it, until now, ran offshore. Binance, Bybit, OKX, and others built the dominant perp infrastructure precisely because US regulation left the door closed. The CFTC just cracked it open, and Kalshi walked through first. The question worth asking is: who does this actually bring in? Retail traders comfortable with offshore platforms aren't switching for compliance reasons. The capital that moves onshore is institutional: hedge funds, family offices, and registered investment advisors who are restricted from offshore exposure by mandate or compliance policy. These players have wanted regulated perp access for years. BTCPERP gives them a path. Coinbase also received CFTC approval in the same announcement. Two regulated venues, both launching near-simultaneously, signals this isn't an experiment. It's a policy shift. The $92T offshore number represents the ceiling on what could eventually flow through regulated rails. It won't all move. But even a small reallocation from compliant institutional capital would meaningfully change US domestic BTC derivatives liquidity. The door opened. The size of the flow depends on what's behind it. Does regulated perps change how you trade BTC? Share your thoughts in the comments 👇 $BTC $NVDA $MU