Cryptocurrency exchanges are pushing the perpetual futures model into markets far beyond digital assets. On October 6, Kraken Pro launched a Pre-IPO Challenge built around two perpetual contracts tied to private companies Oura and Moonshot ahead of their anticipated initial public offerings.
The contracts, listed as OURAx and MOONSHOTx, do not represent equity, shares, voting rights, or IPO allocations. Instead, they give traders leveraged price exposure to market expectations about the companies' private valuations. Eligible participants can trade with up to 10x leverage. The competition runs through November 6 and includes a $10,000 USDG prize pool, with leaderboard eligibility requiring at least $10,000 in combined volume across the eligible contracts. Kraken says the same market structure developed for Bitcoin and altcoins can now be applied to stocks, indices, and private companies.
Meanwhile, Kalshi has asked the US Commodity Futures Trading Commission to approve an oil futures contract tied to West Texas Intermediate crude that would last for 10 years before expiration. The product would trade 24 hours a day Monday through Friday, but it would eliminate the frequent contract rollovers that currently shape oil futures trading. Kalshi argues the longer-duration contract would simplify exposure, reduce rollover costs, and keep liquidity concentrated. However, because the structure resembles perpetual-style derivatives, it cannot be self-certified and requires direct CFTC review. The CFTC has 45 days to decide.
Kalshi's filing arrives after CME Group shelved its own push for 24/7 oil futures following regulatory pushback. CME has also criticized perpetual futures and sued the CFTC over its earlier decision allowing Kalshi to offer crypto-linked versions of the concept. Separately, Ohio, 38 other states, and Washington, D.C. have petitioned the US Supreme Court over Kalshi's sports event contracts. In the Third Circuit, Kalshi prevailed, while the Ninth Circuit ruled against it and the Sixth Circuit also disagreed with federal preemption arguments.
