AAPL-Perpetual-Futures erreichen ein Volumen von 4,61 Millionen US-Dollar, während Kalshis Kontrakte rechtlich angefochten werden

The Cryptonomist · 2026-11-05T15:51:14.000Z

Die Perpetual-Futures von Kalshi auf AAPL, AMZN und AMD wurden am 5. November 2026 gehandelt und boten ein gehebeltes Aktienengagement ohne Aktienbesitz oder Ablaufdatum. Die Kontrakte waren zwei Tage aktiv, nachdem ein Bundesrichter es abgelehnt hatte, ihre aufsichtsrechtlichen Genehmigungen zu blockieren – zugleich aber zu dem Schluss gekommen war, dass die Kläger wahrscheinlich Erfolg damit haben würden, die Befugnis der CFTC zu bestreiten, sie als Security-Futures-Kontrakte zu genehmigen. Die wichtigsten Erkenntnisse Kalshi bietet gehebelte Long- und Short-Positionen auf drei einzelne Aktien an. AAPL-Kontrakte verzeichneten innerhalb von 24 Stunden ein nominales Handelsvolumen von 4,61 Millionen US-Dollar.

Kalshi’s perpetual futures on AAPL, AMZN and AMD were trading on November 5, 2026, offering leveraged stock exposure without share ownership or an expiration date. The contracts were active two days after a federal judge declined to block their regulatory approvals—but found challengers likely to succeed in disputing the CFTC’s authority to approve them as security futures.
Key takeaways
Kalshi offers leveraged long and short exposure to three individual stocks.
AAPL contracts recorded $4.61 million in 24-hour notional turnover.
A federal court challenge contests the contracts’ regulatory classification.
How Kalshi’s single-stock perpetual futures work
Kalshi’s perpetual futures let approved U.S.-based customers take long or short positions without buying shares or rolling contracts at expiry. Kalshi’s product guide specifies that each contract represents 0.02 shares, with funding payments exchanged daily between long and short holders.
Those payments occur at 4 p.m. ET. When funding is positive, long holders pay short holders; when it is negative, payments flow in the opposite direction.
The contracts do not grant voting rights. Dividends instead trigger cash adjustments: holders of long positions receive payments, while holders of short positions pay them.
Leverage and trading volume
Kalshi’s public market feed showed all three contracts open for trading at 10:05 a.m. ET on November 5, 2026. Estimated leverage stood at 4.9628 times for both AAPL and AMZN, compared with 3.3583 times for AMD.
The same snapshot showed $4.61 million in AAPL notional trading volume over the preceding 24 hours. AMZN recorded $1,131.84, while AMD recorded $14,370.72. These figures measure notional turnover for the selected contracts rather than the full roster.
Margin accounts and trading conditions
A registered futures commission merchant known as Kalshi Prime, which manages margin accounts, is the gateway through which most retail customers reach the contracts. Customer funds are held separately from Kalshi’s own money, and Kalshi Klear centrally clears the contracts.
Access requires more than an existing prediction-market balance. Under Kalshi’s rules, identity-verified users based in the United States can apply for a margin account, but must receive approval and complete an educational tutorial before trading. Perpetuals balances remain separate from prediction-market balances.
Traders provide initial margin as collateral. There are also scheduled closure periods for the stock contracts, during which customers are unable to open or close positions.
CFTC approval faces a federal court challenge
The legal dispute centers on whether the CFTC had authority to approve the single-stock contracts as security futures. On November 3, 2026, CFTC Chairman Michael S. Selig said equity perpetuals were deemed approved under Regulation 40.3, with both commodities and securities laws applying. His statement placed them under CFTC and Securities and Exchange Commission regulation.
The Capital Markets Alliance is challenging that approval route. Cboe, Citadel Securities and Healthy Markets Association identify themselves as members of the alliance.
In a preliminary finding, U.S. District Judge Valerie Caproni determined that the contracts resembled swaps rather than security futures, noting the absence of any future delivery of a security. While she concluded that the challengers would likely prevail on their authority argument, she still rejected the request for emergency relief because the alliance had not shown a likely risk of irreparable harm. The finding was preliminary, not a final judgment.
Kalshi’s perpetual futures were therefore trading while the litigation continued. Under Caproni’s order, the defendants must file their opposition to the preliminary injunction by November 6, 2026, while the alliance’s reply is due November 10, 2026, though these dates remain subject to modification by the assigned judge.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.