Finance18 September, 20262 min read
Kalshi Files With SEC and CFTC To Offer Perpetual Futures Tied To U.S. Stocks
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Kalshi filed with SEC and CFTC to offer perpetual futures on individual U.S. stocks. Coinbase and Bitnomial are pursuing similar US stock perpetual futures.
Perps Move Into Stocks
Kalshi filed a proposed rule change with the Securities and Exchange Commission and submitted it to the Commodity Futures Trading Commission for approval to offer perpetual futures tied to individual U.S. stocks, with no preset expiration date and periodic funding payments between long and short positions.
The CFTC has yet to approve Kalshi’s proposal, and Kalshi said the contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear.
The filing came the same day Coinbase submitted a separate proposal to offer perpetual futures tied to individual U.S. stocks, as both companies look to bring a derivatives product popular in crypto markets to traditional equities.
Coinbase’s push is also described as targeting 24/5 exposure for individual stocks, with trading from Sunday at 8 p.m. ET through Friday at 5 p.m. ET in its proposed design.
Regulators, Funding, Oversight
Kalshi’s proposed contracts are described as having no expiration date, using periodic funding payments to keep prices aligned with underlying stocks, and being cleared through Kalshi Klear as security futures products. Coinbase’s proposed single-stock perpetual futures are described as cash-settled, with hourly funding computed from price snapshots every three minutes and a maximum of 0.10% per hour up or down.
The Coinbase filing is also described as placing the contracts under a security futures regime, including clearability, surveillance, margin and market supervision processes. In parallel, the SEC and CFTC oversight framework is framed as joint jurisdiction for security futures products, with Coinbase Derivatives described as a CFTC-designated contract market and notice-registered with the SEC for trading security futures products.
What Comes Next
The stock-perps push is tied to regulatory timing, with the CFTC described as having “yet to approve” Kalshi’s proposal and Coinbase’s CFTC filing described as pending so U.S. customers cannot trade the proposed contracts yet.
The filings are also linked to legislative gridlock, with the CLARITY Act failing to advance in the Senate on Sept. 15, falling short of the 60 votes needed to proceed.
SEC Chair Paul Atkins is quoted saying that “with or without legislation,” the agency would “act decisively” within its existing statutory authority to provide regulatory certainty for American investors and entrepreneurs.
Beyond Kalshi and Coinbase, Payward (the parent company of crypto exchange Kraken) is described as filing through its Bitnomial Exchange to offer perpetual futures tied to 10 U.S. equities, including Tesla, Nvidia, Apple, Microsoft and Amazon, and working toward 24/5 trading.