Polymarket launches cryptocurrency perpetual contracts, supporting leverage up to 20x.

Odaily Planet Daily reports that prediction market platform Polymarket launched its perpetual contract product, Polymarket Perps, on September 3rd. The initial offering included 10 contracts covering Bitcoin, Ethereum, Solana, HYPE, gold, silver, WTI crude oil, S&P 500, Nasdaq 100, and SpaceX stock. Within hours, this expanded to 67 markets. The product has no expiration date, and the contract price continuously tracks the underlying asset, maintaining its peg to the spot price through hourly settled funding rates, with a maximum funding rate of 4% per hour in both directions. Cryptocurrencies, S&P 500, crude oil, gold, and silver support up to 20x leverage, while individual stocks and other real-world assets support up to 10x leverage. US traders unable to place Perps orders will be redirected to Polymarket US, regulated by the Commodity Futures Trading Commission (CFTC). This arrangement stems from a 2022 settlement between Polymarket and the CFTC, where the company was fined $1.4 million for operating an unregistered swap trading facility and was required to cease related non-compliant contracts. (Decrypt)