Coinbase, Kalshi and Kraken race to bring stock perpetuals to US traders
Coinbase, Kalshi and Kraken have each begun regulatory processes to offer single-stock perpetual futures in the United States. The leveraged derivatives product, popular in offshore crypto markets, would trade under federal oversight. Kalshi, already a CFTC-regulated prediction market, brings existing regulatory standing to the three-way filing push. The applications signal a move beyond crypto-native offerings into traditional equity-linked derivatives.
Kalshi holds the clearest edge because CFTC registration gives it a running start that pure crypto exchanges lack. Coinbase and Kraken must clear designation hurdles Kalshi already passed, burning months while Kalshi files. The CFTC-approved gold and silver perpetuals already in Kalshi's queue show it can move faster than SEC-CFTC joint review for stocks. CME has no perpetual structure ready and is already litigating to delay Kalshi's bitcoin perps, so every additional filing stretches its legal resources thinner.
Retail traders who now exit equity positions at market close or pay monthly rolls on dated futures would gain 24/7 exposure with zero rollover fees. Citadel Securities has warned against the plan, adding dealer-desk resistance to exchange opposition. The first platform to clear approval sets the margin and fee template everyone else must match or lose flow.
Kalshi's stock perpetual filing joins its already-queued CFTC-approved gold and silver perpetuals and earlier SEC-CFTC submission for single-stock contracts, making it the most advanced platform in a multi-front race to list equity-linked derivatives before rivals match the timeline.