Polymarket launched Polymarket Perps on September 3, introducing leveraged perpetual futures contracts to its platform. The product began with 10 markets spanning Bitcoin, Ethereum, Solana, gold, silver, oil, the S&P 500, the Nasdaq 100, and other assets, expanding to 67 markets within hours.
Perpetual futures on Polymarket operate differently from the platform's traditional prediction markets. These contracts track underlying asset prices continuously with no expiration date, and a funding rate adjusts every hour to keep contracts anchored to spot prices. The funding rate is capped at 4 percent per hour in either direction.
Leverage varies by asset class. Cryptocurrency, the S&P 500, oil, gold, and silver support up to 20x leverage, while individual stocks and other real-world assets are capped at 10x. Maintenance margin sits at half the maximum leverage rate, meaning a fully leveraged 20x position can face liquidation after losing approximately 2.5 percent of posted margin.
Polymarket first announced the perpetual futures feature in April with a 10x leverage cap. The company has positioned the product as offering deep liquidity and low fees compared to other cryptocurrency perpetuals venues.
United States traders cannot access Polymarket Perps and are instead routed to Polymarket US, a separate CFTC-regulated exchange. This restriction stems from Polymarket's 2022 settlement with the CFTC, which resulted in a $1.4 million fine after the agency found the company had operated an unregistered swaps facility. The split allows Polymarket to serve American customers on a more limited basis following the settlement.
Kalshi, a competing prediction market platform, launched Bitcoin perpetual futures approved by the CFTC on May 29 and has since filed for perpetuals on additional altcoins. Hyperliquid, a decentralized exchange that dominates on-chain perpetuals trading, has been reported to be in negotiations to expand its U.S. availability through partnerships.
