Kalshi, a U.S. prediction‑market platform, lodged a proposed rule change with the Securities and Exchange Commission and a concurrent filing with the Commodity Futures Trading Commission on Friday. The filings seek approval to list perpetual futures tied to single U.S. stocks. Unlike traditional futures, the contracts would have no set expiration and would rely on periodic funding payments between long and short positions to keep prices aligned with the underlying equities. Kalshi says the products would be classified as security futures and cleared through its CFTC‑registered clearinghouse, Kalshi Klear.
Coinbase submitted a separate proposal on the same day, indicating a broader industry push to bring crypto‑style derivatives to conventional equity markets. Kalshi already offers perpetual futures on cryptocurrencies such as Bitcoin, Ether, Solana and XRP after receiving CFTC clearance for its Bitcoin contract in May.
Payward, the parent company of the Kraken exchange, also filed through its Bitnomial Exchange to launch single‑stock perpetual futures. Payward plans to start with ten U.S. equities, including Tesla, Nvidia, Apple, Microsoft and Amazon, and aims for 24‑hour, five‑day‑a‑week trading.
The filings arrive shortly after the CLARITY Act failed to secure the 60 Senate votes needed for passage on Sept. 15. SEC Chair Paul Atkins subsequently said the agency would act within its existing statutory authority to provide regulatory certainty for investors and entrepreneurs, regardless of legislative outcomes.
