Kalshi has submitted a filing to introduce perpetual futures linked to individual US equities, joining Coinbase in an effort to introduce crypto-style derivatives into the traditional stock market. The prediction market submitted the proposed rule change to the Securities and Exchange Commission and sent the proposal to the Commodity Futures Trading Commission (CFTC) for review on Friday. As of now, the CFTC has not approved the proposal.
These proposed contracts lack any preset expiration date and would utilize periodic funding payments exchanged between long and short positions to maintain price alignment with the underlying stocks. Kalshi stated that these contracts will function as security futures products, with clearing handled through its CFTC-registered clearinghouse, Kalshi Klear.
This submission coincides with a separate proposal from Coinbase to offer single-stock perpetual futures, as both platforms aim to introduce a derivative instrument widely used in the cryptocurrency sector to traditional equities. Kalshi currently provides cryptocurrency-linked perpetual futures in the USâcovering Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP)âfollowing CFTC approval for its Bitcoin perpetual contract back in May.
The movement toward US stock perpetual futures extends beyond these two platforms. Payward, the parent company of digital asset exchange Kraken, also submitted filings through Bitnomial Exchange to introduce these products, intending to grant US traders access via Kraken. According to Payward, the initial lineup will feature perpetual futures for 10 US equitiesâincluding Tesla, Nvidia, Apple, Microsoft, and Amazonâwith eventual plans to support 24/5 trading.
These regulatory filings arrive shortly after the CLARITY Act failed to pass in the Senate on Sept. 15, missing the 60 votes required for advancement.
Frequently Asked Questions
What did Kalshi file to offer?
Kalshi filed to offer perpetual futures tied to individual US stocks, utilizing periodic funding payments between long and short positions to keep prices aligned with the underlying assets without a preset expiration date.
Which regulatory bodies received the proposal?
The proposed rule change was filed with the SEC and submitted to the CFTC for approval.
Are Kalshi’s proposed contracts already approved?
No, the CFTC has not yet approved the proposal.
What other cryptocurrency-linked perpetual futures does Kalshi offer?
Kalshi currently offers US perpetual futures tied to Bitcoin, Ether, Solana, and XRP, having received CFTC approval for its Bitcoin perpetual contract in May.
Which other companies are attempting to offer single-stock perpetual futures in the US?
Coinbase and Payward (the parent company of Kraken, via Bitnomial Exchange) have also submitted filings to offer single-stock perpetual futures to US traders.