Kalshi is preparing to seek regulatory approval to offer perpetual futures tied to individual U.S. stocks, including Tesla, Apple and Nvidia, according to a September 11 report by The Wall Street Journal. The plan would cover roughly 60 contracts linked to stocks and exchange-traded funds, potentially making them the first regulated single-stock perpetual futures in the United States. Unlike traditional futures, these contracts would have no expiration date and could trade around the clock, using funding payments to keep prices aligned with their underlying assets.
The proposal moves Kalshi beyond its cryptocurrency origins and recently launched gold and silver contracts. Kalshi already received CFTC approval for a Bitcoin perpetual contract in May, but the agency signaled that such structures may not be suitable for every asset class. The perpetual structure became a major part of crypto trading after BitMEX introduced perpetual swaps in 2016, and platforms such as Hyperliquid later expanded around-the-clock leverage. Single-stock perpetuals introduce a more complex regulatory question because the underlying shares are governed by the SEC’s equity market framework.
Citadel Securities has warned that equity-linked perpetuals outside SEC oversight could create a parallel shadow market, complicating surveillance for insider trading and trading halts. CME Group has also sued the CFTC over its treatment of perpetual contracts, adding further uncertainty. If approved, the contracts could allow overnight and weekend price discovery for major stocks and set a precedent for applying crypto-style perpetual derivatives to traditional markets. The products are not yet approved, and regulatory clearance remains the central next step.
