Kalshi Files for Perpetual Futures Tied to U.S. Stock Indexes and Copper
Kalshi, a prediction market operator aiming to become a full-scale derivatives exchange, has filed with the Commodity Futures Trading Commission (CFTC) to list perpetual futures contracts tied to a broad U.S. equity index and the spot price of copper.
The two filings mark Kalshi's latest expansion beyond its roots in event contracts and its more recent entry into crypto derivatives. The proposed products include US500, which would track the MerQube U.S. Large Cap Index, and COPPERPERP, a cash-settled perpetual futures contract referencing copper's spot price in U.S. dollars per pound through the Pyth Network's XCU/USD price feed.
Broad-based equity index contracts fall under CFTC jurisdiction rather than the SEC's, so the equity product would not require separate securities regulator approval. The copper contract would represent 1,000 pounds of metal per contract, with a minimum price increment of $0.0005 per pound.
The Tuesday filings follow a proposal Kalshi submitted last month for perpetual contracts on precious metals including gold and silver. This marks a deliberate strategy to position the company as a multi-asset derivatives venue.