Kalshi, the New York-based derivatives exchange known for its prediction markets, plans to seek regulatory approval to list perpetual futures contracts on individual stocks, beginning with Tesla, Apple, and Nvidia. The proposal would extend a product widely used by crypto exchanges into some of the most actively traded equities in the United States.

Proposed contracts

The filing, expected to be submitted to both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), would cover approximately 60 stock- and exchange-traded fund-linked perpetual futures products. Each contract would represent 100 shares, with a minimum margin requirement of about 15% of the notional value.

Eligible underlying stocks would need a minimum market capitalization of $100 billion and average daily trading volume of at least $450 million. Those requirements would initially restrict the product range largely to mega-cap companies.

The contracts would trade 23 hours a day, five days a week, and settle in cash rather than through physical delivery. Unlike traditional futures, perpetual contracts do not have expiration dates. Traders can maintain positions indefinitely, while periodic funding-rate payments are designed to keep contract prices aligned with the underlying assets. This structure would give eligible traders an additional way to take positions on individual stocks while using margin, without requiring delivery of the shares.

Regulatory background

Kalshi received CFTC approval for Bitcoin perpetual contracts in May 2026 and launched gold and silver perpetual contracts in September 2026. Its crypto perpetual futures have reportedly generated tens of billions of dollars in notional trading volume.

Because equities are securities, the proposed contracts would fall under the jurisdiction of both the CFTC and the SEC. Single-stock futures became technically legal in the United States following the Commodity Futures Modernization Act of 2000, but the product category gained little traction, in part because of the complications created by joint oversight from the two regulators. The expected filing would therefore put the regulators' treatment of equity perpetuals at the center of the proposal's next stage.

Industry concerns

The proposal comes amid legal and industry opposition to perpetual futures. CME Group filed a lawsuit against the CFTC in June 2026, alleging that the agency improperly approved perpetual futures contracts.

Citadel Securities has also expressed concern that equity perpetual futures could create a parallel shadow market, potentially leaving compliance gaps involving insider trading, position reporting, and investor protection.

Kalshi is additionally considering agricultural commodity perpetual futures. The company already offers copper and equity-index perpetual contracts, while WTI crude oil is reportedly among the products under consideration.

Source: CryptoBriefing