Bitnomial and Coinbase Derivatives self-certified perps months ago via Rule 40.2 with only a no-objection from the CFTC — Kalshi's BTCPERP is the first to clear formal Rule 40.3 approval. Onshore margin requirements will keep effective leverage at single digits versus the 50-125x available on Binance, Bybit, and Hyperliquid, so none of the $61.7T offshore perps volume is reshoring. Kalshi already runs cash-settled prediction markets with oracle infrastructure, so adding BTC perps is mostly a contract spec change rather than a new build.

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