Kalshi Seeks Approval for US Single-Stock Perpetual Futures

Kalshi, a prediction market platform, is planning to launch the first single-stock perpetual futures in the United States. The company has filed an application with the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), requesting that the product be jointly regulated as a 'security futures product.'

Perpetual futures track the price of an underlying asset, but unlike traditional futures, they have no expiration date. Kalshi's product will offer perpetual futures on mega-cap stocks such as Tesla, Apple, and Nvidia, with plans to expand to approximately 60 individual names and exchange-traded funds (ETFs).

Kalshi emphasizes that its product differs from the high-leverage perpetual futures found in crypto markets. 'We are not offering additional leverage,' said Tarek Mansour, Kalshi co-founder and CEO. 'Leverage will be capped at levels equal to or lower than existing regulated futures.'