Kalshi Seeks CFTC Approval for US Stock and Copper Perpetual Futures

Kalshi is expanding its derivatives offerings beyond event contracts and crypto perps. The company has filed with the CFTC to list perpetual futures tied to a broad U.S. equity index and copper, signaling its ambition to become a multi-asset derivatives venue.

The proposed US500 contract would track the MerQube U.S. Large Cap Index, which follows the 500 largest companies listed and based in the United States. The COPPERPERP contract would reference copper's spot price in U.S. dollars per pound through the Pyth Network's XCU/USD price feed.

Perpetual futures differ from standard futures as they carry no expiration date, with periodic funding payments keeping contract prices aligned with spot levels. Trading for the proposed contracts would run continuously from Sunday to Friday, with daily funding payments calculated at 10:00 a.m. Eastern Time on weekdays.

Kalshi engineer Lior Hirschfeld framed the ambition as 'the next step towards building the largest exchange on the planet.'