Kalshi and Coinbase Take Aim at Traditional Equities with Stock Perpetual Futures

Kalshi has filed a proposal to offer perpetual futures tied to individual US stocks, joining Coinbase in an effort to bring crypto-style derivatives to traditional equity markets.

The prediction market submitted its proposed rule change with the Securities and Exchange Commission (SEC) on Friday, also submitting it to the Commodity Futures Trading Commission (CFTC) for approval. The CFTC has yet to approve the proposal, which would allow traders to buy and sell perpetual futures contracts tied to US stocks without a preset expiration date.

The proposed contracts would use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks. Kalshi said these contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear.

This move comes on the same day Coinbase submitted a separate proposal to offer perpetual futures tied to individual US stocks. Both companies are attempting to bring a derivatives product popular in crypto markets to traditional equities.