Kalshi seeks SEC-CFTC approval for first regulated US single-stock perpetuals
Kalshi is seeking joint SEC-CFTC approval to launch what would be the first regulated U.S. perpetual futures tied to individual stocks. The planned lineup covers roughly 60 contracts on names including Tesla, Apple, and Nvidia, with round-the-clock trading. The products would fall under dual securities-commodities oversight and extend Kalshi's fast-growing perpetuals business beyond crypto and commodities into equity-linked derivatives.
Single-stock perpetuals would put Kalshi into direct competition with Robinhood's equity options and offshore crypto perps simultaneously. The 24/7 structure with no rollover fees targets retail traders who currently exit positions at market close or pay monthly contract rolls elsewhere. CME has no equivalent perpetual structure ready, so its defense depends on regulatory delay through lawsuits.
The joint SEC-CFTC oversight adds complexity: either agency could slow approval, or one could grant while the other objects. Citadel Securities has already warned against the plan, adding dealer-desk resistance to exchange opposition. Every week Kalshi files while CME litigates on other fronts, it hardens a first-mover template for margin and fee structures rivals must later adopt.