Kalshi Seeks Approval for Equity Perpetual Futures on 58 US Stocks

Kalshi has submitted a proposal to list perpetual security futures on 58 US stocks and ETFs, according to filings with the SEC and CFTC. The company's rulebook would include a new Chapter 14 for contracts that track an underlying equity security without a pre-set expiration date. This mechanism, similar to those used in crypto perps, aims to pull the contract price towards the spot price of the underlying stock through periodic funding payments.

The SEC has published the filing SR-KALSHIEX-2026-02, which includes public comment on new listing standards for perpetual security futures. The CFTC's product database lists the single-stock perpetual filings as awaiting approval. Kalshi's proposal is similar to its prior data point, where the CFTC approved a Bitcoin perpetual contract in May.

Citadel Securities has raised concerns that moving these products outside the SEC framework could create a 'parallel shadow market' tied to U.S. equities and fragment cross-market oversight. The company argues for clearer classification of perpetual equity products and investor protections, citing execution quality, trading access, and coordinated halts.