Polymarket launches perpetual futures tied to oil, competing with Kalshi

Polymarket, the platform best known for letting people bet on everything from presidential elections to weather patterns, just made a sharp left turn into traditional finance territory. Its new Perps platform, which went live on September 3, offers perpetual futures contracts on assets ranging from Bitcoin to crude oil to SpaceX shares. The move puts Polymarket in direct competition with Kalshi, which is preparing its own regulated filing for a US perpetual WTI crude oil contract. Two very different platforms, two very different regulatory playbooks, both chasing the same prize: a derivatives market that never sleeps. What Polymarket Perps actually offers The initial lineup covers nine markets: BTC, ETH, SOL, gold, silver, WTI crude oil, the S&P 500, the Nasdaq 100, and SpaceX shares (trading under the ticker SPCX). International users can trade with up to 20x leverage. Perpetual futures work differently from traditional futures contracts. There’s no expiration date, no rollover hassle. Instead, positions stay open indefinitely, funded through periodic payments that keep the contract price anchored to the underlying asset. Polymarket is pitching the platform on two selling poin...