Hitting the industry circuit: market prediction platform Kalshi, Kraken’s parent Payward, and Coinbase—almost all on the same day—submitted rule change proposals to the U.S. SEC/CFTC for U.S. stock single-name perpetual contracts. It’s basically transplanting the crypto world’s playbook—no expiration date, funding rates, and a “about 24 hours” cycle—onto traditional U.S. stocks.

Kalshi classifies the contracts as securities futures products, and clears them through its already-registered clearinghouse, Kalshi Klear. It received CFTC approval just this past May and is already offering BTC/ETH/SOL/XRP perpetuals. Payward initially named around 10 underlying assets, including Tesla, Nvidia, Apple, Microsoft, and Amazon, and is pushing toward 24/5 around-the-clock operation. CLARITY just hasn’t cleared yet—so the flavor of three firms racing to claim positions in a regulatory vacuum is pretty obvious.

Crypto derivatives structures are moving into the U.S. stock market—if this step is truly approved, “using U to trade Apple” might be more than just a meme within the industry. $COIN #永续合约 #美股