Prediction market platform Kalshi has filed with US regulators to offer perpetual futures contracts tied to individual stocks, joining a growing list of firms racing to bring the popular derivatives product to American traders.
A Growing Race for Perpetual Futures
Kalshi's proposal would give US traders access to perpetual futures linked to individual equities, a product that has long thrived in overseas crypto markets but has faced regulatory hurdles domestically. The filing places Kalshi alongside Coinbase and Bitnomial, both of which are pursuing similar offerings.
Perpetual futures differ from traditional futures contracts in that they have no expiration date, allowing traders to hold positions indefinitely. The instruments have become a staple of crypto trading globally, and firms are now looking to extend the format to equity markets under US oversight.
The perpetual futures once confined to offshore crypto exchanges are now knocking on Wall Street's door.
Competition Heats Up
The simultaneous push from multiple players signals rising confidence that regulators may be open to approving these products for domestic markets. Coinbase, one of the largest US crypto exchanges, and derivatives-focused Bitnomial have each staked out positions in the emerging space.
For Kalshi, the move marks an expansion beyond its core prediction market business, which lets users trade on the outcome of events. Adding stock-linked perpetual futures would broaden its appeal to traders seeking exposure to individual equities through a derivatives structure.
Key points from the developing landscape include:
- Kalshi filed to offer perpetual futures tied to individual US stocks
- Coinbase and Bitnomial are pursuing comparable products
- Perpetual futures carry no expiration date, unlike standard contracts
If approved, the products could reshape how retail and institutional traders access equity exposure, importing a trading format long dominant in crypto into regulated US financial markets.