Kalshi Files for U.S. Stock Perpetual Futures, Joining Coinbase

Kalshi and Coinbase pursuing regulatory approval for perpetual futures tied to individual U.S. stocks.

Kalshi has filed to offer perpetual futures tied to individual U.S. stocks, joining Coinbase in seeking regulatory approval for derivatives that bring a trading structure widely used in crypto markets into traditional equities.

Cointelegraph reported the filing in a post on X. Kalshi submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) and also submitted the proposal to the Commodity Futures Trading Commission (CFTC) for approval on Sept. 18, according to regulatory filings. The CFTC has not yet approved the proposal.

Kalshi Proposes Single-Stock Perpetual Futures

The proposed contracts would be perpetual futures, meaning they would not have a preset expiration date. Kalshi's filing describes the products as security futures tied to the price of an underlying equity security. The contracts would be cash-settled rather than delivering ownership of the underlying shares.

The structure would use periodic funding payments between long and short positions to help keep the contracts aligned with the prices of the referenced stocks, according to Cointelegraph's report. Kalshi said the products would be cleared through its CFTC-registered clearinghouse, Kalshi Klear.

The proposal would extend Kalshi's derivatives offering beyond prediction markets and into individual U.S. equities. The filing is subject to regulatory review, meaning the proposed products cannot be treated as approved simply because the applications have been submitted.

Coinbase Pursues Similar Products

Kalshi's filing came on the same day Coinbase Derivatives submitted its own proposal involving perpetual futures tied to individual U.S. stocks.

The SEC published a notice covering Coinbase Derivatives' proposed rules for cash-settled futures on individual equity securities and exchange-traded fund shares, including perpetual single-stock futures. The proposed contracts would not have fixed expiration dates and would not convey ownership of the underlying securities.

Coinbase had already filed with U.S. regulators earlier in September to seek approval for equity perpetuals. Reuters reported that the exchange's proposed products would require CFTC approval after the SEC filing.

The simultaneous filings place Kalshi and Coinbase in a developing effort to establish a regulated U.S. market for perpetual contracts referencing traditional financial assets.

Regulatory Review Remains Pending

Perpetual futures have been widely used in cryptocurrency markets, where traders can maintain positions without the fixed expiration dates associated with conventional futures. Bringing the structure to U.S. equities introduces additional regulatory considerations because the contracts reference securities.

The SEC's notice on Kalshi's filing said the exchange submitted the proposed rule change to the CFTC on Sept. 18 and that the commission had not yet approved it. The SEC is publishing the filing to solicit public comments.

For Kalshi, the next stage is therefore regulatory review of its proposed security futures framework. The outcome will determine whether the company can proceed with offering perpetual futures tied to individual U.S. stocks.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.