Kalshi Joins Coinbase in Push for US Stock Perpetual Futures

Kalshi, an online prediction market, has filed a proposal with the US Securities and Exchange Commission (SEC) to offer perpetual futures tied to individual US stocks. This move joins Coinbase's similar filing on the same day, aiming to bring crypto-style derivatives to traditional equity markets.

The proposed contracts would have no preset expiration date and use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks. Kalshi plans to treat these contracts as security futures products and clear them through its CFTC-registered clearinghouse, Kalshi Klear.

This development comes days after the CLARITY Act failed to advance in the Senate on September 15, falling short of the 60 votes needed to proceed. SEC Chair Paul Atkins stated that 'with or without legislation,' the agency would 'act decisively' within its existing statutory authority to provide regulatory certainty for American investors and entrepreneurs.