Kalshi files for stock index and copper perpetual futures with CFTC
Kalshi filed with the Commodity Futures Trading Commission to list perpetual futures tied to the MerQube US Large Cap Index and copper. The filing expands the regulated prediction market platform into traditional derivatives beyond binary event contracts, bringing crypto's no-expiry leverage model to equity and commodity benchmarks under CFTC oversight. The move would put Kalshi in direct competition with established futures exchanges.
Kalshi's perpetual futures filing squeezes the economics of every incumbent exchange operator. CME Group and Cboe Global Markets saw their shares react to the news, because a CFTC-approved no-expiry contract on 500 large-cap US companies would siphon retail leverage demand that currently feeds their dated index futures. For traders, the product would offer continuous exposure without the roll costs and expiry friction of traditional futures.
The timeline is tight: Kalshi's Bitcoin perpetual approval drew a CME lawsuit in June, so equity index perps will face immediate legal and regulatory pressure. Kalshi clears this filing faster than rivals can build similar products, it captures a structural shift in how retail and institutional desks access leveraged equity exposure. The first mover gets to set the margin and fee template that others must match or undercut.
Kalshi's institutional infrastructure push now spans Cantor's block trading, Crypto.com-linked rivals, and its own direct filings for traditional derivatives, as the platform races to build contract breadth before competitors lock in brokerages and hedge fund desks.