# Why Kalshi's John Wang Says Perps Are 'the Most Pure Trading Instrument'

Page: https://stenobird.com/podcast/unchained-5662698/why-kalshi-s-john-wang-says-perps-are-the-most-pure-trading-instrument
Text version: https://stenobird.com/podcast/unchained-5662698/why-kalshi-s-john-wang-says-perps-are-the-most-pure-trading-instrument.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-5662698)
Published: 2026-06-19T21:19:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML4640487598.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML4640487598.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-5662698/episodes/why-kalshi-s-john-wang-says-perps-are-the-most-pure-trading-instrument
Duration seconds: 2914

## Resource

Kalshi just brought crypto perps to the US, targeting a $90 trillion offshore market. Its Head of Crypto, John Wang, explains the bet, the risks, and who Kalshi is actually competing with. ======================================================== Thank you to our sponsor! ⁠⁠⁠Fidelity⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠. ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== The $90 trillion offshore market for crypto perpetual futures just got its first US-regulated entrant. Kalshi — the prediction market exchange that raised $1 billion at a $22 billion valuation — launched the first CFTC-approved crypto perps, becoming the only domestic exchange approved on launch day. John Wang, Kalshi's Head of Crypto, joins Laura Shin to map how perpetual futures work, why Kalshi's guarantee fund and segregated accounts differ from what offshore venues provide, and how the exchange plans to compete with Hyperliquid, Coinbase, and Kraken. Wang pushes back on CME Group CEO Terry Duffy's claim that crypto perps are "a disaster waiting to happen," noting CME's own futures carry higher leverage than Kalshi's platform. He covers the ARCA and Galaxy block trades on Kalshi's prediction markets, insider trading protections built around athlete and congressional staff lists, and the regulatory filings separating Kalshi from perps on equiti…

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## Transcript

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