Kalshi Seeks Approval for New Perpetual Futures on Stocks and Copper

Kalshi has officially asked the Commodity Futures Trading Commission to approve perpetual futures for a major US stock index and copper. This move marks the company's first attempt to introduce perpetual contracts to equities after previously seeking similar approval for gold. Perpetual futures differ from traditional contracts because they never expire, allowing traders to hold positions indefinitely while using periodic funding payments to keep prices aligned with the underlying market.

The proposed equity product, titled US500, would track the MerQube US Large Cap Index. Meanwhile, the copper contract would rely on price data from the Pyth Network. If the regulator gives the green light, Kalshi intends to list these contracts shortly after to expand its offerings beyond traditional prediction markets.

This filing comes during a period of legal tension regarding these financial instruments. While the CFTC previously cleared the path for perpetual contracts in May, the CME Group has sued the regulator. The lawsuit argues that these products function as swaps rather than futures because of their funding payment structure. Despite the legal uncertainty, Kalshi continues to press forward with its plans to build out this trading format.