Prediction-market operator Kalshi is preparing to launch round-the-clock perpetual futures tied to individual stocks and exchange-traded funds, a move that would carry one of crypto's most popular trading instruments into the world of equities. The company plans to seek U.S. regulatory approval for roughly 60 such contracts, including products linked to high-profile names like Tesla and Nvidia.
A Crypto Product Crosses Into Equities
Perpetual futures, or "perps," are derivatives contracts that never expire, allowing traders to hold leveraged positions indefinitely without rolling over positions. They have become a dominant force in cryptocurrency markets, generating enormous trading volumes across offshore and, increasingly, domestic venues.
Kalshi's ambition is to transplant that mechanism onto traditional financial assets. By offering stock and ETF perps that trade 24 hours a day, seven days a week, the platform would let users speculate on companies well outside the standard hours of the New York Stock Exchange and Nasdaq.
Kalshi is betting that a trading tool born in crypto can reshape how everyday investors gain exposure to stocks like Tesla and Nvidia.
The plan represents a significant expansion for the firm, which built its reputation on event contracts that let users wager on outcomes ranging from elections to economic data. Moving into equity-linked derivatives places Kalshi in direct competition with established brokers and exchanges.
A Turf War Over Oversight
The launch arrives against a backdrop of tension between U.S. financial regulators over who has authority to police these kinds of products. Perpetual futures and other novel instruments have exposed gaps and overlaps in the jurisdiction claimed by different agencies.
Because Kalshi operates as a federally regulated exchange, its offerings sit at the intersection of markets traditionally overseen separately. The company's push to list stock-based derivatives could intensify the debate over regulatory boundaries between commodities and securities watchdogs.
Key questions the effort raises include:
- Whether stock perps fall under securities or commodities rules
- How leveraged, always-on equity trading affects retail investors
- What guardrails regulators will demand before approval
For Kalshi, securing a green light would open a large new market. For Wall Street's regulators, the proposal is another test of how existing frameworks apply to fast-moving products that blur old distinctions.