Kalshi has activated fully regulated perpetual contracts for $DOGE in the United States, marking another step in the platform's push to bring crypto derivatives onshore and under federal over
Kalshi has activated fully regulated perpetual contracts for $DOGE in the United States, marking another step in the platform's push to bring crypto derivatives onshore and under federal oversight.
Until now, U.S. retail traders were largely restricted to fixed-expiration futures on platforms like Coinbase or Robinhood, or had to route capital through offshore intermediaries outside federal oversight.Offshore perpetuals have grown from $28 trillion in annual volume in 2023 to over $90 trillion in 2025, making them one of the fastest-growing asset classes, and one that has been largely closed off to American institutions.
Kalshi is the first company in American history to offer perpetual futures contracts, fully regulated by the CFTC, starting with crypto perpetuals. The Dogecoin listing follows earlier launches for Bitcoin and Ethereum, part of a broader rollout that generated more than $5.5 billion in cumulative trading volume over the summer.
Each contract represents just 10 DOGE, keeping the minimum position size accessible to retail participants. Leverage is capped at 3.8x for long positions and 2.8x for short positions.
Contract pricing references the DOGEUSD_RTI spot index provided by CF Benchmarks, with the funding rate recalculating in eight-hour windows and settlements operating continuously 24/7.The DOGEUSD_RTI is a benchmark index price for Dogecoin that aggregates order data from major cryptocurrency exchanges conforming to CF Benchmarks' regulatory requirements.The benchmark pulls market data from regulated exchanges including Coinbase and Kraken to determine reference prices and funding rates.
Early trading showed daily volume of approximately $952,100 and open interest of $553,300, with positions slightly skewed toward bears at 54% versus 46% for bulls.
For Kalshi, the Dogecoin listing is part of a wider ambition. The company is already preparing applications for similar futures on metals and the US500 stock index.
Sources:U.Today: Dogecoin Gains More US Ground: Fully Regulated Perps Now LiveKalshi: Kalshi Launches First-Ever Perpetual Futures in AmericaCF Benchmarks: DOGEUSD_RTI Index
