Kalshi Brings Crypto Perpetual Futures To US Stocks

Prediction market operator Kalshi has filed with the Commodity Futures Trading Commission to launch perpetual futures tied to a major US stock index and to copper. This move expands a trading structure that the company first brought to Bitcoin earlier this year. The new filing puts Kalshi in direct competition with traditional heavyweights like CME Group and Cboe Global Markets.

Perpetual futures have no expiration date, allowing traders to hold positions indefinitely while paying or receiving periodic funding rates. This popular instrument originated in the crypto sector. After the regulator approved Kalshi's Bitcoin perpetual contract in May, the product quickly surpassed $1 billion in trading volume within its first week.

Traditional financial markets are taking notice as Kalshi uses its initial success as a template for other assets. The company recently filed for gold and silver perpetuals before targeting equities and copper. However, CME Group is currently pursuing a lawsuit over crypto perps, arguing they function as swaps rather than standard futures.

The regulator has not set a review timeline for the stock index filing yet. The outcome of the ongoing CME lawsuit will likely decide how quickly this continuous trading style reaches everyday American stock traders.