Kalshi filed a proposal with the SEC and CFTC to offer US‑stock perpetual futures, joining Coinbase and others in seeking approval for crypto‑style derivatives.
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 between long and short positions to keep prices aligned with the underlying stocks, and would be treated as security futures products cleared through Kalshi’s CFTC‑registered clearinghouse, Kalshi Klear.
Coinbase filed a similar proposal on the same day, and Payward, the parent of Kraken, filed through its Bitnomial Exchange to offer single‑stock perpetual futures, initially targeting ten US equities such as Tesla, Nvidia, Apple, Microsoft and Amazon.
The CFTC has not yet approved Kalshi’s proposal. The filings occur amid broader regulatory developments, including the recent failure of the CLARITY Act in the Senate and SEC Chair Paul Atkins’ statement that the agency will act decisively within its existing authority, with or without new legislation.
Approval of the proposed contracts remains uncertain pending CFTC review and any further regulatory actions.