Kalshi Seeks Approval for Perpetual Stock Futures Amid Crypto Derivatives Push

Kalshi has filed with U.S. regulators to launch perpetual futures linked to individual US stocks, extending the 'crypto-style' derivatives model into traditional equity trading.

The prediction market operator submitted its proposed rule change to the Securities and Exchange Commission (SEC) and separately to the Commodity Futures Trading Commission (CFTC) for approval on Friday, with the CFTC still pending a decision.

Kalshi said the products would be treated as security futures and cleared through its CFTC-registered clearinghouse, Kalshi Klear. This is not Kalshi's first attempt at perpetual derivatives - it already offers perpetual futures tied to cryptocurrencies in the US, including Bitcoin, Ether, Solana, and XRP.

Coinbase submitted a related proposal on the same day, while Payward (Kraken) also filed to expand the concept of single-stock perpetual futures. Kalshi's SEC and CFTC submissions effectively test how the current rulemaking and approval processes handle perpetual derivatives when the underlying assets are equities instead of crypto tokens.