Kalshi's rollout of CFTC-regulated crypto perpetual contracts has reopened a long-standing argument over how the instruments should be classified in U.S. markets. Market veterans are split on whether perpetuals align more with futures—exchange-traded and centrally cleared—or with swaps, given their funding-rate cash-flow mechanics. The answer could shape who can trade them and what rules apply, while concerns about manipulation around funding-rate calculations remain a key point of contention.