Prediction market Kalshi has lost its case at the 6th US Circuit Court of Appeals. The court ruled for Ohio and Tennessee, the two states on the other side of the dispute. The decision was reported on Sep 26, 2026.
The dispute was about who gets to regulate Kalshi's sports-event contracts. The appeals court decided that Ohio and Tennessee can apply their own state gambling laws to these contracts.
The source says the ruling sets up a possible Supreme Court case. It does not say whether Kalshi will ask the Supreme Court to hear it, or when. The source also does not give the court's reasoning or say what Kalshi or the two states said about the decision.
For anyone already holding a perpetual futures position on Bitget, Bybit, MEXC or OKX, this ruling changes nothing directly. It concerns a prediction market's sports-event contracts under US state gambling law. The source does not mention perpetual futures, funding rates, trading fees or liquidity on any of these exchanges.
Source: cointelegraph — Kalshi loses appeal, setting up potential Supreme Court case