Kalshi has filed to offer perpetual futures tied to individual US stocks, joining Coinbase in a push to bring crypto-style derivatives to traditional equity markets. The prediction market submitted its proposed rule change to the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) on Friday, though the CFTC has not yet approved the proposal.
The proposed contracts would have no preset expiration date and would use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks. Kalshi said the contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear.
Kalshi already offers perpetual futures tied to cryptocurrencies in the US, including Bitcoin, Ether, Solana, and XRP, after receiving CFTC approval for its Bitcoin perpetual contract in May.
Expanding Competition
Kalshi and Coinbase are not alone in pursuing this market. Payward, the parent company of crypto exchange Kraken, also filed through its Bitnomial Exchange to offer single-stock perpetual futures, with plans to make them available to US traders on Kraken. Payward said it plans to initially offer perpetual futures tied to 10 US equities, including Tesla, Nvidia, Apple, Microsoft, and Amazon, while working toward 24/5 trading.
The filings come days after the CLARITY Act failed to advance in the Senate on September 15, falling short of the 60 votes needed to proceed. Following the vote, SEC Chair Paul Atkins stated that the agency would act decisively within its existing statutory authority to provide regulatory certainty for American investors and entrepreneurs, with or without legislation.
