The prediction-market operator joins Coinbase in pushing crypto-style perpetual contracts into equity markets.
Kalshi has submitted a filing seeking regulatory clearance to list perpetual futures contracts linked to US stocks. The application was reported by CryptoBriefing and crypto.news, both of which described the move as targeting approval from the Commodity Futures Trading Commission.
Perpetual futures are derivatives contracts that never expire. They originated in crypto markets, where traders use them to bet on price direction without holding the underlying asset. Unlike traditional futures, perpetuals rely on periodic funding payments between long and short positions to keep contract prices tethered to the spot market.
Kalshi built its business on regulated event contracts, a category of derivative tied to the outcome of real-world events. The company has expanded aggressively beyond political and economic predictions into sports and other markets. A filing for stock-linked perpetual futures would mark a further step into instruments that resemble traditional securities trading, but wrapped in a format popularized by crypto exchanges.
The filing places Kalshi in direct competition with Coinbase, which has also pursued plans to offer perpetual-style products tied to equities. Coinbase built much of its business on crypto derivatives and has signaled interest in applying that same trading structure to stocks. Both companies appear to be betting that traders accustomed to crypto perpetuals will want similar tools for equity exposure.
The push reflects a broader trend of blending crypto market structure with traditional finance. Perpetual futures let traders take leveraged, round-the-clock positions without owning shares directly. That contrasts with conventional stock trading, which is bound by market hours, settlement cycles, and custody requirements tied to registered brokers.
Regulatory approval is not guaranteed. The CFTC oversees derivatives markets in the United States and has historically applied close scrutiny to products that resemble securities trading. Perpetual futures tied to individual stocks raise questions about investor protection, leverage limits, and how such contracts interact with existing equity market rules enforced by the Securities and Exchange Commission.
Kalshi has previously clashed with regulators and state gaming authorities over the classification of its event contracts, particularly those tied to sports outcomes. Any expansion into stock-linked perpetuals is likely to draw similar attention, given the product's resemblance to leveraged equity derivatives already regulated under separate frameworks.
The timing of the filing suggests firms see an opening under a more accommodating US regulatory posture toward crypto-adjacent products. Both Kalshi and Coinbase have grown their businesses partly by testing the boundaries between crypto-native trading formats and traditional financial instruments.
Market Impact
If approved, stock-linked perpetual futures could reshape how retail and active traders gain exposure to US equities. Perpetuals typically offer higher leverage and continuous trading hours compared to standard stock markets, which could attract traders currently active in crypto derivatives markets.
The development also intensifies competition between Kalshi and Coinbase as both firms seek to define crypto-native equity trading before regulators set firmer rules. Approval or rejection by the CFTC would likely influence how other exchanges and prediction-market platforms approach similar filings in the near term.
Kalshi's filing signals growing interest in merging crypto trading mechanics with traditional stock markets, though CFTC approval remains uncertain.
Frequently Asked Questions
What are perpetual futures?
Perpetual futures are derivatives contracts with no expiration date. They use periodic funding payments between long and short traders to keep prices aligned with the underlying asset.
Why is Kalshi filing with the CFTC?
The CFTC regulates derivatives markets in the United States, and any perpetual futures product tied to stocks would need approval from the agency before it could be legally offered to traders.
How does this relate to Coinbase's plans?
Coinbase has separately pursued offering perpetual-style products tied to equities, meaning Kalshi's filing puts the two companies in competition to bring this crypto-derived trading format to stock markets.
Is this the same as trading actual shares?
No. Perpetual futures let traders speculate on price movements using derivatives contracts rather than buying or holding the underlying shares directly.
Originally reported by AltcoinGordon, written by Victoria Reed. Republished with permission.
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