Kalshi’s crypto perpetuals spark debate over whether they’re futures or swaps (opens original article in a new tab)

Kalshi's CFTC-regulated crypto perpetuals have sparked a debate on whether they are futures or swaps, with differing views on their classification and regulatory implications.

• Kalshi launched CFTC-regulated crypto perpetuals, sparking debate over their classification as futures or swaps.
• John Lothian argues perpetuals are swaps due to recurring cash flows, while Udesh Jha claims they function like futures with centralized clearing.
• The classification affects regulatory treatment, access, and market structure for crypto derivatives.