Robinhood Prepares to Launch US Crypto Perpetuals in $85.7T Market Surge
HOOD•CFTC approved Kalshi’s BTCPERP yesterday, enabling the first true US bitcoin perpetual contract, while Coinbase received a letter letting it connect US clients to global perpetuals. Robinhood, Coinbase, Kraken and OKX are preparing to launch US perpetuals in a market that grew from $29T in 2023 to $85.7T in 2025.
1. CFTC Approval Enables US Crypto Perpetuals
Yesterday the CFTC approved Kalshi’s BTCPERP, the first true bitcoin perpetual contract available to US traders, and issued a no-action letter to Coinbase allowing it to link US users to global perpetuals and options markets.
2. Robinhood and Competitors Poised for Entry
Robinhood, along with Coinbase, Kraken and OKX, is building infrastructure to offer perpetual contracts in the onshore market, positioning for a race to capture new fee revenues as regulatory barriers fall.
3. Explosive Market Growth and Profit Potential
Global crypto perpetual trading volume doubled from $29 trillion in 2023 to $58.5 trillion in 2024 and reached $85.7 trillion in 2025, with exchanges typically collecting 2–5 basis points per trade.
4. Revenue Implications for Robinhood
If Robinhood captures even a fraction of this market, perpetual derivatives could significantly boost its transaction revenues and diversify its fee structure beyond equity and options trading.
