Kalshi Seeks CFTC, SEC Approval to Launch US Perpetual Futures for Stocks, Commodities

Kalshi, the U.S. prediction-market platform, is pushing to enter the market for perpetual futures tied to stocks and commodities.

Bloomberg reported on September 11 that Kalshi co-founder and Chief Executive Officer Tarek Mansour plans to apply as early as next week to the Commodity Futures Trading Commission and the Securities and Exchange Commission for approval to launch stock-linked perpetual futures. He also plans to ask the two regulators to jointly supervise the contracts as security futures products.

The initial lineup would include major U.S. stocks such as Tesla, Apple and Nvidia. Kalshi plans to begin with shares that have market capitalizations of at least $100 billion and average daily trading value of more than $450 million, then expand the products to exchange-traded funds.

The stock-based contracts would be structured to trade 23 hours a day, five days a week. Each contract would represent 100 shares, and minimum margin would be set at about 15% of the underlying stock's market value.

Kalshi is also expanding in commodities. It is preparing contracts tied to a range of commodities, including agricultural products, and is separately seeking approval for perpetual futures based on West Texas Intermediate crude, the report said.

Perpetual futures are derivatives with no fixed expiration date, unlike conventional futures. They have grown rapidly in crypto markets because they allow traders to build leveraged positions on moves in underlying assets with relatively small margin deposits. But U.S. financial firms and regulators have continued to raise investor-protection concerns because high leverage can amplify losses.

Mansour said it was time to bring such products to U.S. markets within a regulated framework with appropriate safeguards and consumer protections.

Kalshi has already been broadening its perpetual futures lineup. It previously received CFTC approval to list Bitcoin-based products, and this week that approval was expanded to include contracts tied to gold, silver and platinum. Adding stocks would extend its business beyond crypto and commodities into traditional financial assets.

Legal disputes over whether regulators can permit perpetual futures in the U.S. are continuing. CME Group sued the CFTC in June, arguing that the regulatory process set by Congress was not properly followed in approving perpetual futures. The CFTC asked a court earlier this month to dismiss the lawsuit.