Kalshi Files for CFTC Approval of US Stock Perpetual Futures
Kalshi filed for CFTC approval to offer perpetual futures contracts tied to US stocks and ETFs, with 23-hour weekday trading. The filing positions the platform alongside Coinbase in seeking to bring crypto-native derivatives trading to equities markets.
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Kalshi's Filing and Proposed Structure
Kalshi submitted a request for CFTC approval to launch perpetual futures contracts on US stocks and ETFs, according to regulatory filings. The platform is seeking to operate 23-hour weekday trading on these instruments, offering near-continuous market access compared to traditional equity exchanges.
Market Opportunity and Competitive Context
The move puts Kalshi in direct competition with Coinbase, which has also moved to bring crypto-native perpetual futures tied to equities to US traders. Perpetual futures remove fixed expiration dates and settlement periods, allowing traders to hold positions indefinitely with funding rates instead of contract rollovers. For equities, this structure could appeal to traders accustomed to crypto derivatives while offering access to traditional assets without leaving their platforms.
CFTC approval remains pending, with a potential November 2 launch date under review. The regulatory pathway for stock perpetuals on crypto exchanges has not been previously established, making Kalshi's filing and the agency's response a test case for how US derivatives regulators will treat equity-linked crypto products.
Why It Matters
For Traders
If approved, stock perpetuals would offer 23-hour trading and leverage outside traditional market hours, materially changing execution opportunities for equity-linked positions.
For Investors
CFTC approval of equity perpetuals on crypto platforms signals regulatory openness to hybrid financial products and could reshape how retail accesses derivatives.
For Builders
A regulatory precedent for stock perpetuals on decentralized or crypto-native platforms changes the surface available for equities-linked protocol development.
This article is for information only and is not financial advice. Read the full disclaimer.
