KalshiEX has asked US regulators for permission to list perpetual futures tied to individual American stocks, placing the prediction-markets firm in the same race as Coinbase to bring a crypto-style derivative into traditional equities.
On September 18, 2026, KalshiEX filed a proposed rule change with the Securities and Exchange Commission (SEC) under File No. SR-KALSHIEX-2026-02.
The notice, published as Release No. 34-106422, describes new Rulebook Chapter 14 covering “Perpetual Security Futures Products,” or Perpetual SFPs.
The same framework was submitted to the Commodity Futures Trading Commission. CFTC approval is still pending.
The contracts would have no fixed maturity. Instead of rolling off on a set date, they would stay open indefinitely. Periodic funding payments between long and short holders would be used to keep each contract’s price close to the underlying share.
Kalshi says the instruments would be treated as security futures and cleared through Kalshi Klear, its CFTC-registered clearinghouse.
Listing standards in the filing are strict.
An eligible stock would need more than 20 million shares of estimated deliverable supply, a market capitalization of at least $100 billion, and average daily trading volume of at least $450 million.
Those thresholds point toward large, liquid names rather than the broader market.
Contract units would generally represent 100 shares, with a proposed minimum price increment of half a cent per share.
Position limits and elevated margin rules are also part of the package.
The SEC filing states that the rule change would become effective on November 2, 2026, or on a later date if CFTC approval takes longer.
The Commission could still abrogate the change after consulting the CFTC.
Coinbase Derivatives filed a companion proposal the same day, SR-COIN-2026-002, to adopt rules for cash-settled futures on individual stocks and ETF shares, including perpetual single-stock futures.
Bitnomial, linked to Kraken parent Payward, submitted SR-BTNL-2026-001 covering security-futures listing standards and customer margin.
The cluster of filings shows several venues trying to move the same product onshore at once.
Kalshi already lists CFTC-approved perpetual futures on cryptocurrencies such as Bitcoin, Ether, Solana and XRP after receiving approval for its first Bitcoin perpetual in May.
The new application would extend that structure from digital assets to single-name equities.
Holders would receive price exposure only.
They would not own the shares, collect dividends, or obtain voting rights.
Regulators have treated perpetuals cautiously outside crypto.
The CFTC has said products referencing equities and other non-crypto assets should be reviewed case by case.
Security futures already sit at the overlap of SEC and CFTC authority, which is why Kalshi is using notice registration as a national securities exchange solely for security futures, together with its existing status as a designated contract market.
If both agencies allow the products to proceed, US traders could gain leveraged, cash-settled access to individual stocks without an expiration calendar. Until then, the applications remain proposals, not live markets.