Kalshi’s Daily Perp Open Interest Hits Record $17.98 Million

Kalshi’s perpetual futures product went live on June 3 with BTCPERP becoming the first perp contract cleared by the CFTC for US traders. Ether went live on June 4, XRP on June 10 and the roster now covers 13 crypto assets. This week, on August 12, daily perpetual futures open interest closed at $17.98 million, an all time high for a product that wasn’t around even three months ago. 

Source: Artemis 

Open interest was under $5 million through the first week of June with two spikes toward $13 and $14 million mid month, then fell back into a $6 million to $7 million range where it remained for the rest of June. The next month, more specifically the second week of July, was when the floor moved with daily bars closing above $10 million and the last three weeks held between $12 million and $14 million.

The Floor Rising Matters More Than the Record

A single high print on a new platform usually indicates a couple of large positions that could’ve unwound within days. However, that is not what the chart shows. The bottom of the range keeps rising, which means traders are carrying risk on a platform that ten weeks ago listed nothing but short-dated binary event contracts.

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