Crypto Perps Come to Equities: Kalshi and Coinbase Derivatives File Proposals
Kalshi has filed proposals to offer perpetual futures contracts tied to individual US stocks and ETFs, following closely behind Coinbase Derivatives. This move brings a trading instrument born in crypto markets to traditional equities.
The proposed perpetual futures contracts would be cash-settled, meaning no shares change hands at any point, and would track up to 58 large-cap US stocks and ETFs with market capitalizations north of $100B. Names like Apple, Microsoft, Tesla, and Nvidia are on the list.
Kalshi plans to clear these products through Kalshi Klear, its own CFTC-registered clearinghouse, using its existing central limit order book infrastructure. Coinbase Derivatives is targeting a similar scope, with its proposed contracts operating on a 24/5 schedule and hourly funding rate adjustments.
The regulatory framework for perpetual futures has been the subject of litigation by CME Group, which challenges whether the current structure properly accounts for the unique risks of never-expiring contracts. For retail traders, the 24/5 trading schedule is a selling point, as it gives participants the ability to react to overnight news without waiting for the opening bell.