Crypto Perpetual Futures Have Reached the U.S. Wall Street Is Holding Back for Three Reasons

By Isaac • July 27, 2026 11:30 pm •

One of crypto’s largest trading markets has finally crossed into regulated U.S. territory.

The first-week response was enormous. Kalshi’s new perpetual futures passed $1 billion in volume, making them the exchange’s biggest product debut since prediction markets.

Yet the largest Wall Street banks are watching from the edge.

They see the demand. They also see three costly gaps between a hot new contract and a market where a bank can safely commit billions of dollars: liquidity, settled rules and infrastructure that can keep up around the clock.

That hesitation matters because perpetual futures are already central to global crypto trading. Bank of America has estimated their annual volume at roughly $90 trillion.

Moving even part of