Perps Are A Definition Fight

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Kalshi’s crypto perpetuals show why market labels matter: futures, swaps, margin, and liquidation rules all change the risk surface.

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
https://www.wsj.com/finance/commodities-futures/kalshi-launches-first-perpetual-futures-in-the-u-s-fc066443