Prediction market platform Kalshi has filed with US regulators to offer perpetual futures contracts tied to individual stocks, joining a growing list of companies racing to bring the crypto-native derivatives product to American traders.
A New Push for Perpetual Futures
Kalshi's proposal would allow US traders to access perpetual futures contracts linked to individual stocks, a product that has long been popular in crypto markets but remains largely absent from regulated US venues. Perpetual futures differ from traditional futures in that they have no expiration date, letting traders hold positions indefinitely as long as they meet margin requirements.
The filing places Kalshi alongside crypto exchange Coinbase and derivatives platform Bitnomial, both of which are pursuing similar offerings. The convergence signals that several major players see strong demand for perpetual-style products in the US, where regulatory hurdles have historically kept such instruments offshore.
Perpetual futures have dominated crypto trading for years — now the race is on to bring them to American stock markets.
Competition Heats Up
Perpetual futures account for a significant share of global crypto trading volume, and their expansion into equities could reshape how retail and institutional investors gain leveraged exposure to individual stocks. By tying the contracts to stocks rather than cryptocurrencies, these firms aim to appeal to a broader base of traders.
Kalshi has built its reputation as a regulated prediction market, giving it a foundation of compliance experience that could prove valuable as it navigates the approval process for a more complex derivatives product.
- Perpetual futures carry no expiration date, unlike standard futures contracts.
- Kalshi, Coinbase and Bitnomial are all pursuing US stock-linked perpetuals.
- The product has been a staple of crypto trading but rare in regulated US markets.
The outcome of these filings could hinge on how regulators view the introduction of perpetual futures into traditional equity markets. If approved, the products would mark a notable step in blending crypto-native trading mechanics with conventional financial assets, potentially opening a new frontier for US traders.