Kalshi Seeks U.S. Approval for 60 Stock Perpetual Futures

Kalshi plans to seek U.S. regulatory approval for around 60 perpetual futures tied to major stocks and exchange-traded funds, including Tesla, Apple and Nvidia, according to the Wall Street Journal and as reported by CoinMarketCap.

The proposed expansion would take perpetual futures, a product that has grown rapidly across crypto markets, into regulated U.S. equity-linked derivatives. The contracts would allow trading around the clock without a fixed expiration date and could provide leveraged exposure to individual stocks.

Kalshi Targets Tesla, Apple and Nvidia Perpetuals

According to the Wall Street Journal, Kalshi is planning around 60 perpetual contracts covering popular ETFs and single stocks of companies with market values of at least $100 billion. Tesla, Apple and Nvidia are among the companies identified in the planned offering.

The move follows Kalshi’s expansion into perpetual futures earlier this year. On May 29, the U.S. Commodity Futures Trading Commission approved KalshiEX’s BTCPERP contract, allowing the platform to list a perpetual contract referencing Bitcoin’s spot price as a futures contract.

Kalshi subsequently moved beyond cryptocurrency-linked products, while the company’s planned equity perps would represent a substantially broader application of the same trading structure.

Stock Perpetual Futures Face Dual Regulatory Review

The regulatory path for single-stock perpetual futures is more complicated than for the existing crypto products. Because individual equity futures are categorized as security futures, the proposed contracts would require approval from both the Securities and Exchange Commission and the CFTC, according to the Wall Street Journal.

The proposal also comes as regulators and market participants debate the risks associated with leveraged, 24-hour perpetual products. Funding mechanisms and leverage can amplify both gains and losses, particularly during periods of sharp market stress.

Demand for these products is already visible offshore. The Wall Street Journal reported that trading volume in single-stock perpetual futures on Hyperliquid surged to $212 billion, compared with $4 billion at the start of the year.

For the broader crypto and derivatives industry, Kalshi’s proposal could mark an important step in bringing a trading format closely associated with offshore crypto markets into the U.S. regulatory system. The next key question is whether the SEC and CFTC will approve the proposed stock and ETF contracts and under what conditions.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.