Kalshi files for US single-stock perpetual futures

Kalshi filed a proposed rule change with the Securities and Exchange Commission to offer perpetual futures tied to individual US stocks and submitted the proposal to the Commodity Futures Trading Commission for approval on Friday. The CFTC has not approved the proposal. The contracts would have no preset expiration date. They would use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks. Kalshi said the contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear. Coinbase submitted a separate proposal for perpetual futures tied to individual US stocks on the same day. Payward, the parent company of crypto exchange Kraken, also filed through its Bitnomial Exchange to offer the products to US traders on Kraken. Payward said it plans to initially offer perpetual futures tied to 10 US equities, including Tesla, Nvidia, Apple, Microsoft and Amazon, and is working toward 24/5 trading. Kalshi already offers US perpetual futures tied to Bitcoin, Ether, Solana and XRP after receiving CFTC approval for its Bitcoin perpetual contract in May. The filings came days after the CLARITY Act failed to advance in the Senate on Sept. 15 because it fell short of the 60 votes needed to proceed. A day after the vote, SEC Chair Paul Atkins said the agency would act decisively within its existing statutory authority to provide regulatory certainty for American investors and entrepreneurs, with or without legislation.