Polymarket has started teasing perp trading with early access sign-ups, while Kalshi is reportedly preparing to launch U.S. crypto perpetuals, potentially putting it into more direct competition with major crypto exchanges.

Polymarket and Kalshi are pairing product expansion with major fundraising momentum. Kalshi has climbed to $22B valuation by March 2026, while Polymarket is reprtedly in talks around a $15B valuation.