Kalshi, Coinbase and Kraken file to offer US stock perpetual futures
Kalshi, Coinbase, and Kraken each filed with U.S. regulators to offer perpetual futures tied to individual American stocks. The crypto-native derivative, which carries no expiration date, would bring 23-hour weekday trading to equity markets. Kalshi's proposal also covers ETFs and targets a November 2 start pending CFTC approval. The filings expand the regulated prediction-market platform's push beyond event contracts into leveraged, equity-linked derivatives.
Kalshi is racing to pin down the first regulated template for single-stock perpetuals before Coinbase or Kraken match it. The 24/7 structure with no rollover fees targets Robinhood's equity options base directly, plus offshore crypto traders who currently accept unregulated counterparty risk. CME lists no perpetual equivalent, so its defense depends on regulatory delay.
Dual SEC-CFTC oversight means either agency can freeze the filing, and Securities has already signaled it will exploit that uncertainty. The first approved template will likely set sector standards for fees, leverage, and collateral rules. Every week Kalshi advances while CME litigates, it hardens a first-mover advantage competitors must adopt or concede.
Kalshi's filing extends its five-day sprint to lock down single-stock perpetual futures before rivals match its margin and fee template, following its earlier gold and silver perpetual launch and roughly 60-stock rules filing.