Kalshi stock perpetual futures could soon reach US traders. The prediction market filed a proposed rule change on Friday.
Specifically, it submitted the filing to the SEC. It also sent the proposal to the CFTC for approval. The CFTC has not approved it yet.
Why Kalshi stock perpetual futures matter
The proposed contracts would have no preset expiration date. Instead, they would use periodic funding payments. These payments between long and short positions keep prices aligned. Specifically, they track the underlying stocks.
Kalshi said the contracts would be treated as security futures products. Additionally, they would clear through Kalshi Klear. That is its CFTC-registered clearinghouse.
The filing came the same day as Coinbase’s proposal. Coinbase submitted a separate filing for similar products. Therefore, both companies are bringing a crypto-native derivative to equities.
Kalshi already offers crypto perpetual futures in the US. These include Bitcoin, Ether, Solana, and XRP. The CFTC approved its Bitcoin perpetual contract in May.
US stock perpetual futures race expands
Kalshi and Coinbase were not alone in filing. Payward, Kraken’s parent company, also filed. It submitted through its Bitnomial Exchange. It plans to make the products available on Kraken.
Payward said it plans to initially offer contracts tied to 10 US equities. These include Tesla, Nvidia, Apple, Microsoft, and Amazon. It is also working toward 24/5 trading.
The filings come days after the CLARITY Act failed. The Senate vote on September 15 fell short of 60 votes. Consequently, the bill could not proceed.
A day after the vote, SEC Chair Paul Atkins commented. He said “with or without legislation,” the agency would “act decisively.” Specifically, it would use existing statutory authority. This would provide regulatory certainty for American investors.
What comes next
The CFTC has not yet approved Kalshi’s proposal. Therefore, the timeline remains unclear. Meanwhile, Coinbase and Bitnomial await their own reviews. As a result, the race for US stock perpetual futures is still open.
