Kalshi closely follows Coinbase in submitting an application for perpetual futures on U.S. stocks

The prediction market Kalshi has submitted proposed rule changes to the U.S. Securities and Exchange Commission and filed for approval with the CFTC to launch perpetual futures contracts anchored to individual U.S. stocks. This proposal echoes the application submitted by Coinbase on the same day, as both companies aim to introduce popular perpetual futures products from the crypto market into the traditional stock market.

According to the proposal, the relevant contracts will not have a preset expiration date and will maintain price consistency with the underlying stocks through periodic funding payments between long and short positions. Kalshi stated that these contracts will be treated as securities futures products and will be cleared through its CFTC-registered clearinghouse, Kalshi Klear. Previously, Kalshi has offered perpetual futures anchored to Bitcoin, Ethereum, Solana, and XRP in the U.S., with its Bitcoin perpetual contract receiving CFTC approval in May of this year.

The competition for U.S. stock individual perpetual futures is expanding. Kraken's parent company Payward has also submitted an application through its Bitnomial Exchange, planning to initially offer perpetual futures anchored to 10 U.S. stocks, including Tesla, Nvidia, Apple, Microsoft, and Amazon, and is committed to achieving trading five days a week, 24 hours a day. These applications were submitted after the CLARITY Act failed to advance in the Senate on September 15, with SEC Chairman Paul Atkins stating that regardless of legislation, the agency will act decisively within its existing statutory authority to provide regulatory certainty for investors and entrepreneurs.