Kalshi Seeks Approval for 60 Stock-Linked Perpetual Futures

Kalshi plans to seek U.S. regulatory approval for approximately 60 perpetual futures linked to stocks and exchange-traded funds, including Tesla, Apple, and Nvidia. This move follows CFTC approval for Bitcoin perpetual futures, which is being challenged by CME in federal court.

Perpetual futures trade without expiration dates and use funding payments to track underlying asset prices. Kalshi's proposed products would allow traders to take long or short positions without a fixed expiration date, using recurring payments between long and short traders to keep contract prices near their reference assets.

The proposal enters a dispute involving the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), CME Group, and Citadel Securities. Each disagreement concerns how perpetual contracts should be classified and which regulator should oversee products linked to U.S. securities.