Kalshi has submitted a proposal to the Commodity Futures Trading Commission to introduce perpetual futures contracts linked to individual US stocks. These derivatives would lack fixed expiration dates and utilize periodic funding payments between long and short positions to maintain price alignment with the underlying assets. The contracts are intended to be cleared through the company’s own registered clearinghouse, Kalshi Klear.
The move follows a similar filing by Coinbase, which also seeks to bring crypto-style perpetual futures to the traditional equity market. Both companies are expanding their derivatives offerings, with Kalshi already providing perpetual futures for cryptocurrencies such as Bitcoin, Ether, Solana, and XRP in the US. The company received initial CFTC approval for its Bitcoin perpetual contract in May.
The market for single-stock perpetual futures is seeing increased competition. Payward, the parent company of the Kraken exchange, has filed through its Bitnomial Exchange to offer these products. Payward intends to launch with 10 US equities, including Tesla, Nvidia, Apple, Microsoft, and Amazon, while aiming to establish a 24/5 trading schedule for its users.
These regulatory filings occurred shortly after the CLARITY Act failed to secure the necessary 60 votes in the US Senate on September 15. Following the vote, SEC Chair Paul Atkins stated that the agency would take decisive action within its existing statutory authority to provide regulatory certainty for investors and entrepreneurs, regardless of whether new legislation is passed.
