Kalshi filed with the SEC and CFTC to offer US stock perpetual futures, joining Coinbase in seeking approval for crypto‑style derivatives on individual equities.
Kalshi submitted a proposed rule change to the Securities and Exchange Commission and a filing to the Commodity Futures Trading Commission to offer perpetual futures tied to individual US stocks. The contracts would have no preset expiration date, would use periodic funding payments to align prices with the underlying stocks, and would be treated as security futures cleared through Kalshi's CFTC‑registered clearinghouse, Kalshi Klear. The CFTC has not yet approved the proposal.
Coinbase filed a separate proposal on the same day to offer similar single‑stock perpetual futures, indicating a broader industry push to bring crypto‑style derivatives to traditional equity markets. Kalshi already offers perpetual futures on cryptocurrencies such as Bitcoin, Ether, Solana and XRP after receiving CFTC approval for its Bitcoin perpetual contract in May.
Payward, the parent of Kraken, also filed through its Bitnomial Exchange to offer perpetual futures on ten US equities, including Tesla and Apple, and plans 24‑hour, five‑day trading. The filings follow the Senate’s failure to advance the CLARITY Act, after which SEC Chair Paul Atkins said the agency would act decisively within its existing authority, with or without legislation. The regulatory outcome for the proposed stock perpetual futures remains uncertain.