The U.S. Federal Register today published a notice of rule filing from KalshiEX LLC, known as Kalshi, which has submitted a proposed rule change to the SEC and requested immediate effectiveness. According to ChainCatcher, the filing would add Chapter 14 to the rulebook to list perpetual securities futures products, or Perpetual SFPs.
The contracts would have no fixed expiration date and would use periodic funding payments between long and short sides to keep prices near the spot price of the underlying U.S. stocks or ETFs. Kalshi said it would classify the products as securities futures and plans to clear them through its clearing platform, Kalshi Klear.
The listing requirements are high: the underlying asset must have more than 20 million shares available for delivery, a market value of at least $100 billion, and average daily trading volume of at least $450 million over the past six months. Contract units would mostly be 100 shares.
