Perps Have A Definition Problem

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Kalshi’s crypto perpetuals reopened the futures-versus-swaps debate. This Short explains why classification affects access, protections, funding, and market structure.

Educational market context only. Not financial advice.

Sources:
https://www.coindesk.com/policy/2026/06/12/kalshi-s-crypto-perpetuals-spark-debate-over-whether-they-re-futures-or-swaps