Why Kalshi's John Wang Says Perps Are 'the Most Pure Trading Instrument'
Kalshi just brought crypto perps to the US, targeting a $90 trillion offshore market. Its Head of Crypto, John Wang, explains the bet, the risks, and who Kalshi is actually competing with.
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The $90 trillion offshore market for crypto perpetual futures just got its first US-regulated entrant. Kalshi — the prediction market exchange that raised $1 billion at a $22 billion valuation — launched the first CFTC-approved crypto perps, becoming the only domestic exchange approved on launch day.
John Wang, Kalshi's Head of Crypto, joins Laura Shin to map how perpetual futures work, why Kalshi's guarantee fund and segregated accounts differ from what offshore venues provide, and how the exchange plans to compete with Hyperliquid, Coinbase, and Kraken.
Wang pushes back on CME Group CEO Terry Duffy's claim that crypto perps are "a disaster waiting to happen," noting CME's own futures carry higher leverage than Kalshi's platform. He covers the ARCA and Galaxy block trades on Kalshi's prediction markets, insider trading protections built around athlete and congressional staff lists, and the regulatory filings separating Kalshi from perps on equities. Wang estimates only 0.2% of the US has adopted perpetual futures — the real growth has barely started.
Host:
Laura Shin, Host / Unchained
Guests:
John Wang - Head of Crypto at Kalshi
Timestamps
🎯 02:51 Why Kalshi chose crypto perps as its first product outside prediction markets
🔧 05:15 What a perpetual future is and why traders prefer it over options and standard futures
🤓 11:14 The metric that reveals real demand: Kalshi's ratio of trading volume to open interest
🛡️ 14:19 How Kalshi plans to onboard Americans, and how its risk model differs from Hyperliquid's auto-deleveraging
🏛️ 21:05 Wang on Terry Duffy's claim that crypto perps are 'a disaster waiting to happen'
🎓 23:17 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com
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🤝 25:32 How institutions are pitching its perps to institutions — and which ones have so far done trades
🌐 33:09 How Kalshi plans to compete with Hyperliquid, Coinbase, Kraken, and Robinhood
🔍 41:14 How Kalshi attempts to prevent insider trading — and what John thinks about its rivalry with Polymarket
💰 46:16 Kalshi's roadmap after its $1 billion raise at a $22 billion valuation
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Betting on Reality with Kalshi CEO Tarek Mansour: ACCESS
This week, Alex and Ellis talk about the rise of storytelling in tech and why X is now openly pleading for its haters to come back. Then they sit down with Tarek Mansour, co-founder and CEO of Kalshi, to discuss insider trading, his rivalry with Polymarket, regulatory chaos, sports betting, and why prediction markets are having a real moment.
Listen to more from ACCESS here.
ACCESS is produced in partnership with the Vox Media Podcast Network.
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20VC: Kalshi's $1BN Raise, the Polymarket Feud, and the Battle to Replace Traditional Media
Tarek Mansour is the Co-Founder and CEO @ Kalshi, the leader in the world of prediction markets. Just last week, they announced their $1BN raise at an $11BN valuation. In total, they have raised $1.59BN from some of the best, including Sequoia, a16z, General Catalyst, IVP, Meritech, and more. They also last week announced exclusive partnerships with CNN and CNBC, marking their move into mainstream media and news.
AGENDA:
03:28 Why Did Kalshi Need to Raise $1BN
10:35 Why is Kalshi vs Polymarket Such a Fierce Rivalry?
20:44 The Future of Prediction Markets
25:09 Why Does Kalshi Partner with CNN When They Could Replace Them?
26:27 Why Did Tarek Fight For the Rights of his Early Investors So Much?
27:25 What Makes Alfred Lin The Best?
29:19 Does Having Sequoia as an Investor Change the Game?
36:58 Are Teenage Founders Today Emotionally Ready to Lead Companies
38:30 Quick Fire Round: Celebrity Investors, Relationships with Parents
Kalshi CEO’s Bold Vision For The Future of Markets | Tarek Mansour
This week, Tarek Mansour Co-founder & CEO of Kalshi joins the show to discuss the next chapter for one of the fastest growing start ups in the U.S. We deep dive into the Kalshi origin story, how media and markets are evolving, the opportunity for prediction markets, advice for founders and more. Enjoy!
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Timestamps:
(00:00) Introduction
(02:28) The Kalshi Origin Story
(19:29) Raising Money From Sequoia
(21:46) Ads (Blockdaemon, Peaq)
(22:58) Why The Election Was Kalshi's Breakthrough Moment
(33:37) Becoming The Fastest Growing Start Up
(37:40) Ads (Blockdaemon, Peaq)
(38:52) Why Prediction Markets Are The Superior Model
(43:40) Integrating With Crypto
(50:20) Ads (Katana, Mantle)
(51:57) Partnering With Robinhood
(54:39) The Future of Prediction Markets & Media
(01:00:11) The Perps Opportunity
(01:03:19) Competing With Polymarket
(01:09:40) Advice For Founders
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Tarek Mansour on Kalshi's Plan to Create Markets in Everything
For over 20 years, people have been talking about prediction markets or event markets are the next big thing. But mostly, with some niche exceptions, they haven't taken off, in part due to regulatory constraints. But now they seem to be booming, and the regulatory environment has gotten much more friendly. On this live episode recorded in Chicago, we speak with Tarek Mansour, the co-founder and CEO of Kalshi, one of the prediction market platforms that's booming. One reason it's doing so well is because it's gone big into sports, which of course gets into its own regulatory thicket. In this conversation, we talk about the future of these markets, the prospect for markets other than sports and presidential elections, and Kalshi's overall plan to let its users to eventually trade everything.
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Why prediction markets are going mainstream with Kalshi CEO Tarek Mansour
Kalshi is the largest prediction market in America, building a unique trading economy around political, sports, and cultural events. While some states view it as an illegal operation requiring gambling licenses, others—including certain courts and members of the Trump administration—see it as a groundbreaking financial opportunity.
On this episode of Equity, Max Zeff sits down with Kalshi CEO Tarek Mansour at the latest StrictlyVC event in San Francisco. Mansour shares why he sees Kalshi as a global source of truth.
Listen to the full episode to hear more about:
How Kalshi is creating a new trading economy around political and cultural events.
The regulatory challenges and opportunities that prediction markets face.
Mansour’s vision for Kalshi as a global tool for decision-making and transparency.
The controversy surrounding Kalshi’s status and its ongoing legal battles.
Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.
Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. For the full episode transcript, for those who prefer reading over listening, check out our full archive of episodes here.
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First Time Founders with Ed Elson – How Kalshi Made it Legal to Bet on this Election
Ed speaks with Tarek Mansour, co-founder and CEO of Kalshi, a regulated exchange and prediction market that lets you trade on future events. They discuss Kalshi’s fight to legalize betting on the election, how to deal with negative press, and his prediction for the outcome of the election.
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Forecasting the Future with Kalshi: America’s First Regulated Prediction Market
In this week’s episode of No Priors, Sarah sits down with Tarek Mansour, CEO of Kalshi—the first CFTC-regulated prediction market exchange in the U.S. They dive into Kalshi’s recent victory to legalize election betting, explore ethical questions around trading on elections, and discuss whether prediction markets can offer more accuracy than traditional polls. Tarek shares insights on the history of futures markets, the line between gambling and financial trading, and the psychology behind betting. Plus, Sarah makes a live election bet, and Tarek reveals some of Kalshi’s most intriguing markets.
Sign up for new podcasts every week. Email feedback to show@no-priors.com
Follow us on Twitter: @NoPriorsPod | @Saranormous | @EladGil | @MansourTarek
Show Notes:
0:00 Introduction
1:22 Sarah makes a live election bet on Kalshi
3:35 Getting approved and regulated by CFTC
5:48 Going up against the CFTC to legalize election betting
7:21 Debating the ethics of trading on elections
8:12 Gambling vs. trading
9:12 Context and purpose of futures markets
12:38 The human psychology behind speculating /Humans conditioned to risk taking
17:17 Building a healthy exchange and scaling liquidity
19:30 Introducing leverage and working with clearinghouses
22:29 Polls vs. prediction markets
24:59 Conditional markets
26:38 What makes Kalshi’s markets accurate
31:29 Tarek’s insights on the most interesting trades and markets on the platform
20VC: Lessons from Alfred Lin and Ron Conway | Why the World Does Not Want Your Startup To Exist and How the Best Founders Fight It | How To Build Moats and Defensibility Against Large Incumbents with Tarek Mansour, Founder & CEO @ Kalshi
Tarek Mansour is the Founder and CEO @ Kalshi, the first regulated exchange where you can trade directly on the outcome of events. Tarek has raised funding from some of the best including Alfred Lin @ Sequoia, Ali Partovi @ Neo, Ron Conway, Charles Schwab and Henry Kravis. Before founding Kalshi, Tarek worked at the likes of Citadel, Palantir and Goldman Sachs, in various different roles.
In Today's Episode with Tarek Mansour We Discuss:
1.) Entry into Startups:
How did Tarek make his way from a nerdy kid in Lebanon to having his first startup funded by Sequoia and billionaires likes Charles Schwab and Henry Kravis?
How did his mother's continuous desire for excellence change Tarek's mindset?
What are the biggest lessons that Tarek took from his mother's strict parenting and how did he apply them to how he manages the team at Kalshi today?
2.) What it Takes to Succeed:
Why does Tarek believe that the world does not want your startup to exist?
In that case, what are the core traits that founders need to fight this headwind?
Does Tarek believe in work-life balance? What are some of the struggles of this?
Does Tarek believe you should work on your weaknesses or double down on your strengths?
3.) Building the Team:
Does Tarek believe that naivete is a strength or a weakness? At what point does it change between being a strength to being a weakness?
Does Tarek prefer to hire more senior experienced people or younger hustlers with more energy?
What have been the single biggest hiring mistakes that Tarek has made? How has it changed his approach to team building?
What is the one single trait that if Tarek sees, he will not hire?
How does Tarek make the interview process both fun but different and challenging?
Where do so many founders make mistakes in how they construct the hiring process?
4.) Tarek Mansour: AMA:
What have been the single biggest lessons from working with Ron Conway and Alfred Lin?
What are some of Tarek's biggest insecurities in leadership today?
What does Tarek know now that he wishes he had known at the beginning of his time with Kalshi?
What would Tarek most like to change about the world of startups?
Items Mentioned in Today's Show:
Tarek's Favourite Book: Never Split the Difference: Negotiating as If Your Life Depended on It
Twitter bots & Apple BNPL with Deirdre Bosa + Prediction markets with Kalshi CEO Tarek Mansour | E1480
Today, Deirdre Bosa from CNBC joins Molly to talk about Twitter’s plans to comply with Musk’s demands for data (1:28), Apple being its own bank for Apple Pay Later (17:15), and Facebook's parent Meta changing its ticker to META (32:19). To wrap up, Jason and Molly interview Kalshi co-founder and CEO Tarek Mansour, where they talk about Kalshi building the first CFTC regulated predictions market (39:11).
(0:00) Deidre Bosa joins Molly Wood to cover today’s tech news!
(1:28) Twitter plans to comply with Musk’s demands for data
(10:02) Indochino - Get $50 off any purchase of $399 or more by using code TWIST at checkout https://www.indochino.com
(11:18) Will the Elon/Twitter deal just end up in the legal system?
(17:15) Apple Will Handle Lending Internally for its new Apple New Pay Later Service
(21:01) Vanta - Get $1,000 off automating your SOC 2 at https://vanta.com/twist
(22:14) Will this open up Apple to more anti-trust scrutiny?
(31:08) Ourcrowd - Check out the deal of the week at https://ourcrowd.com/twist
(32:19) The Facebook parent Meta changed its ticker to META
(38:33) Toss to our interview w/ Kalshi co-founder + CEO Tarek Mansour
(39:11) Tarek Mansour joins to speak about Kalshi, the first CFTC regulated predictions market
(1:26:39) If you are a founder pre-series A, you are invited to our Founder University Two-Day intensive on June 13-14!
