Kalshi is preparing to seek U.S. regulatory approval for around 60 perpetual futures linked to individual stocks and exchange-traded funds, including major names such as Tesla, Apple and Nvidia.
The planned products would allow U.S. traders to take positions on stock prices around the clock, including when the regular stock market is closed. If approved, the contracts could give American traders access to regulated stock-linked perpetual futures without having to use offshore crypto exchanges.
Kalshi has not yet released the full list of planned contracts, leverage limits, margin requirements or a launch date. The company also has not publicly filed the applications described in the report, so the plans remain subject to regulatory review.
Perpetual futures do not have an expiration date like traditional futures contracts. Instead, they use regular funding payments between traders to help keep the contract price close to the price of the underlying asset.
For example, when a perpetual contract trades above its reference price, long traders generally pay funding to short traders. The direction can change when the contract trades below the reference price.
The planned Kalshi products would track stocks such as Tesla, Apple and Nvidia, along with ETFs. However, holding one of these contracts would not mean owning the underlying stock. Traders would not receive voting rights or direct stock dividends.
The products would also create questions about how prices are calculated when the stock market is closed. Events such as stock splits, dividends, mergers and trading halts could also affect how the contracts operate.
Kalshi has already received approval from the Commodity Futures Trading Commission for a Bitcoin perpetual futures contract. That approval does not automatically cover contracts linked to individual stocks because stocks are part of the securities market overseen by the Securities and Exchange Commission.
This creates a major regulatory question over which agency should oversee stock-linked perpetual futures. Traditional futures generally fall under CFTC oversight, while stocks and many securities-based products fall under the SEC.
Citadel Securities has argued that equity-linked perpetual futures should remain under SEC oversight. The company warned that allowing these products to operate outside the securities regulatory system could create a separate market that is harder for regulators to monitor.
Citadel said regulators could face difficulties tracking trading activity across stocks, listed options and perpetual contracts if the products operate under different rules.
The company also raised concerns about insider trading. For example, someone with access to important company information could potentially trade a stock-linked perpetual contract while the regular stock market is closed.
Trading halts are another concern. A stock may be temporarily suspended after major news or unusual activity, but a separate perpetual contract could potentially continue trading unless the platforms have coordinated rules.
Citadel’s position is not a final regulatory decision. The SEC and CFTC have not yet issued a joint ruling on how Kalshi’s planned stock perpetual futures should be classified.
Kalshi’s expansion also comes while its existing perpetual futures business faces a legal challenge from CME Group. CME sued the CFTC over the agency’s approval of perpetual futures offered by Kalshi and Coinbase.
CME argues that perpetual futures should be treated as swaps under the Dodd-Frank Act. The company is asking a federal court in Washington, D.C., to overturn the CFTC’s approval of Kalshi’s Bitcoin perpetual contract and related regulatory decision.
The case could become important for Kalshi’s wider plans. If the court changes how these products are classified, it could affect the regulatory approach Kalshi uses when seeking approval for its stock and ETF contracts.
Perpetual futures have become a major part of global crypto derivatives trading, with CryptoQuant data showing $61.7 trillion in trading volume during 2025. However, that figure mainly reflects global crypto derivatives and does not show how much demand there would be for U.S. stock perpetual futures.
For now, Kalshi’s plan remains at the application stage. The company has not announced when it will submit the proposed stock and ETF contracts or when trading could begin.
The next major step will be determining whether U.S. regulators allow these products and which regulatory framework they will use. If approved, Kalshi could bring 24/7 trading linked to major U.S. stocks and ETFs into the regulated U.S. derivatives market.