Perps come onshore: what the CFTC's May 29 approvals change about contract design

The CFTC just approved Kalshi's BTCPERP as the first US-regulated perpetual, issued a policy statement on the listing of perps, and cleared a Coinbase pathway to Deribit. A walk through what a perp actually is, what knobs designers turn, and how the offshore (Hyperliquid HIP-3) and the onshore (Kalshi DCM) paradigms compare — with an interactive caps/floors dashboard.