Two of the largest prediction market platforms in the United States are set to enter the crypto derivatives space within days of each other, marking a shift in how these platforms compete for traders.

Kalshi, the CFTC-regulated prediction market valued at $11 billion, will launch cryptocurrency perpetual futures on April 27 in New York City. The company teased the product under the codename “Timeless” — a name that maps onto the contract’s core feature: no expiration date