NewsMeter
$90 trillion in estimated offshore perpetual futures volume in 2025, by Kalshi's measure, is the number anchoring a new comment letter from five former senior SEC and CFTC officials calling on Washington to price its regulation closer to actual risk.
Two years prior, Kalshi puts that same market at roughly $28 trillion; the implied multiple is about 3.2x over the period, which the letter's signatories attribute to regulatory arbitrage rather than any genuine preference for offshore venues.
| Metric | Kalshi estimate | |---|---| | Offshore perps volume, 2025 | $90 trillion | | Offshore perps volume, two years prior | $28 trillion | | Growth multiple | 3.2x | The five signatories are former CFTC Chairman Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, former SEC Commissioner Steven Wallman, and former SEC Chief Economist Chester Spatt.
Their comment responds to a joint June request from both agencies for public input on how swaps, security-based swaps, and novel or emerging products should be classified and where CFTC and SEC jurisdiction should divide.
Keep reading