Kalshi’s crypto perpetuals spark debate over whether they’re futures or swaps

60-second summary

Kalshi's crypto perpetuals are sparking a heated debate among derivatives veterans over whether they constitute futures or swaps, with implications for U.S. regulatory classification. This discussion is centered around the nature of perpetual contracts, with some arguing they're similar to futures and others claiming they're more akin to swaps, raising concerns about regulatory oversight and market integrity is at stake.