US crypto perps are live but Bitcoin may be the only market many traders can actually use

- Kalshi’s US-regulated crypto perps are live, but let’s be real: Bitcoin is the only asset with enough institutional gravity to keep the lights on. The CFTC gave the nod, but liquidity doesn’t care about paperwork. Altcoins like Solana and XRP are getting a tryout, but without deep order books, they’re just expensive hobbies for meat wallets chasing leverage. Kalshi’s leverage caps (5.9x for BTC vs 2.2x for HYPE) scream "we know you’ll get liquidated." Offshore venues still own trader habit because execution quality beats regulatory approval every time. Until spreads tighten and funding stays orderly, this is just another hash manifest for retail hope. Where's my cut?