Kalshi is a prediction market platform based in New York. The company is getting ready to ask regulators for approval. They want to list perpetual futures for major US stocks and traditional commodities.
This move is a big step in the fight over US financial markets. It could bring high-leverage trading directly to Wall Street. These types of trades happen all the time on offshore cryptocurrency exchanges.
Focusing on Mega-Cap Stocks
Kalshi co-founder and CEO Tarek Mansour plans to apply to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). He wants approval for about 60 perpetual futures contracts tied to big stocks and exchange-traded funds (ETFs).
The first group of stocks will target huge companies like Apple, Tesla, and Nvidia. To make sure there is enough trading activity, Kalshi will only include companies worth at least $100 billion. These companies must also have an average daily trading volume of more than $450 million.
If regulators say yes, these contracts will be the first regulated single-stock perpetual futures in the United States.
Mansour said it is time for these products to come to the US. He believes they should be under a regulated system with good customer protection. He called the perpetual structure “the purest form of trading”.
Expanding into Traditional Commodities
Along with stocks, Kalshi is quickly expanding into traditional commodities. On Thursday, September 10, 2026, Kalshi launched perpetual futures for gold and silver. These were approved by the CFTC and offer leverage of up to 15 times.
This launch was historic. It was the first time non-crypto perpetual contracts were cleared for trading in the US.
High Consumer Demand
The move into precious metals happened because of strong consumer demand. People are looking for ways to protect against inflation.
Udesh Jha is the chief risk officer at Kalshi’s clearing house, Kalshi Klear. He said the trading volume for their traditional event contracts tied to gold and silver passed $400 million in just seven months.
This growth was very fast. It took twice as long for the company’s cryptocurrency event contracts to reach that same volume.
More Commodities to Come
Using this success, Kalshi is reportedly preparing more CFTC filings. They want to offer perpetual contracts tied to West Texas Intermediate (WTI) crude oil, copper, foreign exchange (FX), and agricultural products.
Current Regulatory Status
| Product Category | Underlying Assets | Current Regulatory Status |
| Cryptocurrency | Bitcoin, Ethereum, Solana, XRP | Live (Approved May 2026) |
| Precious Metals | Gold, Silver, Platinum | Live (Launched Sept. 10, 2026) |
| US Equities | Apple, Tesla, Nvidia (>$100B Market Cap) | Pending CFTC/SEC Filing |
| Energy & Agriculture | WTI Crude Oil, Agricultural Products | Pending CFTC Filing |
| Other | Copper, Foreign Exchange (FX) | Pending CFTC Filing |
How Perpetual Futures Work
Traditional futures contracts settle and expire on a set date. Perpetual futures, often called “perps,” are different. They never expire.
Traders can hold leveraged long or short positions forever. They do not have to worry about the hassle of moving their exposure into new calendar contracts.
The Funding Rate
To keep the contract’s price close to the real asset’s spot market price, perps use a system called the funding rate. This is a recurring cash transfer between traders.
When a perpetual contract trades higher than the actual spot price, traders with long positions pay traders with short positions. The payment flips when the perp trades below the spot price.
Traditional offshore crypto platforms usually calculate and settle these rates every eight hours. This constant money exchange keeps the derivative tied to the real asset.
Details of the Proposed Stock Contracts
The proposed stock contracts on Kalshi would represent 100 shares each. They are designed to trade 23 hours a day, five days a week.
Traders would need a minimum starting deposit of about 15% of the stock’s market value. This allows them to control positions that are much larger than their actual deposit.
Pushback and Concerns
The idea of never-expiring, leveraged stock derivatives has worried many traditional banks and consumer groups.
Citadel Securities sent a letter to the SEC and CFTC on September 10. They warned that keeping equity-linked perpetuals outside of strict SEC rules could create a dangerous “parallel shadow market”.
Insider Trading Risks
Citadel pointed out major gaps in market monitoring. They argued that trading stock derivatives outside normal hours could make insider trading easier.
For example, if a company releases big news while the main stock exchange is closed, its perpetual contract could still be trading. This could allow employees with secret information to trade easily, unless both markets work closely together.
Dangers to Regular Investors
Consumer protection groups are also very worried. Benjamin Schiffrin, a policy director at Better Markets, warned about “the potential for huge losses, especially amongst individual investors”.
Because people can make leveraged trades at any time, a bad price drop during the night can wipe out their money. This forced selling could happen before the regular markets even open.
Kalshi has replied to these worries. The company says its leverage limits are similar to traditional futures markets. They are also much lower than the crazy leverage seen on unregulated offshore exchanges.
Udesh Jha said Kalshi’s early success is because of its safe, regulated setup. He noted that “unregulated platforms, they have always hit a ceiling”.
Navigating Difficult Rules
To launch single-stock futures, Kalshi has to get through a very tricky set of rules. These products mix features of both securities and commodities. Because of this, they fall under the rules of both the SEC and the CFTC. They must be jointly regulated as “security futures products”.
A History of Failure
In the past, having two agencies in charge ruined the domestic single-stock futures market. These products were completely banned in the US in 1982 because the SEC and CFTC could not agree.
The ban was finally lifted in 2000. This led to the creation of special trading platforms like OneChicago.
However, OneChicago closed down in September 2020. It could not get enough regular people or big institutions to trade on it. The exchange suffered from high 20% margin requirements, strict dual rules, and the annoying process of actually delivering physical stock shares.
Kalshi is betting that its modern perpetual contracts will succeed where older futures failed. Kalshi’s products settle in cash, not physical shares. They also appeal to modern retail traders who like trading around the clock.
Current Legal Battles
Kalshi’s plans are already caught up in federal court. In June 2026, the CME Group sued the CFTC. They sued because the agency approved Kalshi’s cryptocurrency perpetual futures earlier this year.
CME Group argues that perpetual futures should be treated as swaps, not as standard futures. The CFTC wants the court to throw out the lawsuit. Kalshi claims the old exchanges are just scared of new competition.
The result of this court case could decide if Kalshi is legally allowed to expand into stocks and commodities.
Big Offshore Demand
Even with the legal fights and strict rules, Kalshi sees a huge chance to make money. Unregulated offshore platforms show that people really want to trade perpetual futures.
Trading volume for leveraged single-stock perpetuals on the crypto platform Hyperliquid grew from $4 billion to $212 billion since early 2026. Worldwide, perpetual futures trading hit an estimated $61.7 trillion in 2025. This shows why US platforms want to bring these trades under American rules.
Kalshi’s Bright Future
Kalshi’s own domestic crypto perpetuals reached $44 billion in trading volume since late May 2026. This proves Americans want these products when they are offered in a safe, regulated way.
If the SEC and CFTC approve the new requests, Kalshi will change from a small prediction market into a massive trading exchange. This change could take a lot of business away from old Wall Street banks. It could finally make single-stock futures a permanent and profitable part of the United States market.
People Also Ask
What are perpetual futures?
Perpetual futures, also known as “perps,” are trading contracts that let you bet on the price of an asset without the contract ever expiring.
What stocks is Kalshi planning to offer?
Kalshi plans to offer perpetual futures for major US stocks like Tesla, Apple, and Nvidia. They want to focus on large companies worth at least $100 billion.
Why is Wall Street worried about Kalshi’s expansion?
Firms like Citadel Securities worry that trading stock derivatives outside normal market hours could make insider trading easier. Consumer groups also warn that normal investors could lose a lot of money quickly because of high leverage.
Have perpetual futures been approved in the US before?
Yes, but only for cryptocurrencies and some precious metals. The CFTC previously approved Kalshi’s Bitcoin contracts, and recently approved gold and silver perpetual futures in September 2026. Single-stock perpetuals have not been approved yet.
What is the CME Group lawsuit against the CFTC?
CME Group, a large traditional exchange, sued the CFTC for approving Kalshi’s crypto perpetual futures. CME argues the products are being regulated incorrectly and they are trying to stop the regulatory process that Kalshi is using to grow.
