Key facts
- Kalshi filed with the SEC and CFTC to offer perpetual futures tied to individual US stocks.
- Coinbase filed to list over 50 single-stock perpetual futures contracts on its US exchange.
- The proposed contracts from Kalshi and Coinbase would have no fixed expiration date.
- Perpetual futures use funding payments to keep contract prices close to underlying assets.
- Payward, Kraken's parent company, also filed a proposal for similar stock perpetual futures.
Kalshi has filed a proposal with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to offer perpetual futures contracts based on individual US stocks. This move places Kalshi alongside Coinbase, which submitted a similar proposal on September 18, in a bid to introduce crypto-style derivatives to the traditional equity markets.
The proposed contracts from Kalshi would feature no fixed expiration date and would utilize periodic funding payments between long and short positions to maintain alignment with the prices of the underlying stocks. Kalshi stated that these contracts would be classified as security futures products and would be cleared through its CFTC-registered clearinghouse, Kalshi Klear.
Coinbase said it filed to list more than 50 single-stock perpetual futures on its regulated U.S. exchange, covering major companies like Nvidia, Microsoft, and Tesla. The exchange described the offering as the first U.S. single-stock perpetual futures product, subject to regulatory approval. These contracts would offer continuous, 24/5 exposure without fixed expiration dates, similar to crypto perpetual futures.
This development follows Kalshi's prior success in offering perpetual futures for cryptocurrencies such as Bitcoin, Ether, Solana, and XRP. Payward, the parent company of the crypto exchange Kraken, has also filed a proposal through its Bitnomial Exchange to offer similar single-stock perpetual futures, with plans to initially list contracts for ten US equities including Tesla, Nvidia, Apple, Microsoft, and Amazon.
The filings occur shortly after the CLARITY Act failed to pass the Senate. SEC Chair Paul Atkins indicated that the agency would act decisively using its existing statutory authority to ensure regulatory certainty for investors and entrepreneurs.