KalshiEX Files Proposal for Perpetual Futures on US Stocks and ETFs

KalshiEX, the exchange operated by prediction‑market platform Kalshi, has filed a rule change with the U.S. Securities and Exchange Commission (SEC) that proposes perpetual futures contracts linked to 58 individual stocks and exchange‑traded funds (ETFs). The filing, identified as SEC File No. SR‑KALSHIEX‑2026‑02, was published on September 18.

Proposed product structure

The proposed contracts would function like crypto‑style perpetual futures: they have no fixed expiration date and employ a funding mechanism to keep contract prices aligned with the underlying equity price. If approved, the contracts would provide continuous exposure to the referenced equities without the need to roll over positions.

Regulatory status

The filing is a procedural step. The contracts are not currently available for trading, and the Commodity Futures Trading Commission (CFTC) has not yet granted the required approval. The SEC filing merely outlines the framework for regulator review.

Potential market impact

Should the rule change be approved, the introduction of perpetual futures on U.S. equities could blur the line between traditional derivatives markets, prediction‑market platforms, and crypto‑derived trading products. It would represent a notable expansion of perpetual‑contract mechanics beyond the cryptocurrency space.

Key points

• KalshiEX proposes perpetual futures on 58 U.S. stocks and ETFs.
• The proposal was filed with the SEC on September 18 under File No. SR‑KALSHIEX‑2026‑02.
• Contracts are not live; CFTC approval is still required.
• The structure mirrors crypto perpetual futures, offering continuous exposure without a set expiry.
• Regulatory review is ongoing, and no trading can commence until approval is granted.