Kalshi, the CFTC-regulated prediction market known for event contracts, has launched single-stock perpetual futures, and trading volume surpassed $300 million before the product was formally announced. Co-founder Luana Lopes Lara disclosed the figure on the morning of November 5, 2026, covering activity since a stealth rollout.
What Kalshi launched
Perpetual futures are derivative contracts without an expiration date, allowing traders to hold positions indefinitely. Kalshi’s version lets users go long or short on individual stocks without owning shares. The initial lineup includes more than 50 stocks and ETFs listed on the NYSE and NASDAQ, such as McDonald’s, Palantir, Meta, Qualcomm, and NVIDIA.
Each contract represents 0.02 shares, so 50 contracts equal one full share. Instead of an expiry, the contracts use daily funding payments settled at 4:00 PM ET. Leverage varies by stock, starting around 4.9x for some assets at launch, which Kalshi says complies with CFTC rules. All contracts are cleared by Kalshi Klear LLC, the company’s own clearing entity.
How it got approved
Kalshi filed its application for single-stock perps on September 18, 2026. The CFTC’s 45-day review window closed on November 2, 2026. Because the agency did not block the filing within that period, the product was approved automatically. The stealth launch followed within days, and the public announcement came on November 5. This marks Kalshi’s first step into equity derivatives; until now, the platform focused on event contracts and crypto offerings.
Why the timing matters
Single-stock perpetual futures have traded offshore, where annual transaction volume has exceeded $4.5 trillion, largely outside the reach of US regulators. Kalshi is now bringing that product category into a regulated US framework. The launch also comes as Kalshi’s ambitions grow alongside its balance sheet; the company recently raised $1 billion at a valuation of $40 billion.
What this means for traders and competitors
One widely shared post on X predicted that Kalshi will become Robinhood’s biggest rival as its single-stock perps catch on. Kalshi’s pitch differs in important ways: users get leverage, the ability to short easily, and no need to own the underlying shares.
Leverage near 4.9x means a modest move against a position can erase a meaningful chunk of a trader’s margin quickly. Daily funding payments also add a recurring cost that stock owners never pay. Kalshi has faced ongoing regulatory scrutiny as it expands, and legal hurdles could shape how far and how fast this product grows. Automatic approval through a lapsed review window is not quite the same as an enthusiastic endorsement.
