Kalshi Joins Coinbase in Race to Bring Stock Perpetual Futures to US Traders

Kalshi has filed proposals with both the Securities and Exchange Commission and Commodity Futures Trading Commission to offer perpetual futures contracts tied to individual US stocks, joining Coinbase in efforts to bring crypto-style derivatives products into traditional equity markets. The CFTC has not yet approved the proposal.

The contracts would have no set expiration date, instead using periodic funding payments between long and short traders to keep pricing aligned with the underlying stock. Kalshi said these products would be classified as security futures and cleared through its own CFTC registered clearinghouse.

Multiple Companies Racing Toward Similar Products

This filing arrived the same day Coinbase submitted its own separate proposal for similar stock-based perpetual futures. Kalshi already offers crypto-based perpetual futures in the US, including contracts tied to Bitcoin, Ether, Solana, and XRP, after receiving regulatory approval for its Bitcoin contract earlier this year.

Kraken’s Parent Company Also Enters the Space

Kraken’s parent company filed a comparable proposal through its own exchange subsidiary, planning to initially offer perpetual futures tied to ten major US stocks, including Tesla, Nvidia, Apple, Microsoft, and Amazon, with an eventual goal of enabling extended trading hours throughout the week.

Regulatory Timing Reflects Broader Industry Push

These filings come just days after a major crypto regulation bill failed to advance in the Senate. Following that setback, the SEC’s chair indicated the agency would move forward decisively using its existing authority to provide regulatory clarity for investors, regardless of whether new legislation passes. This wave of filings reflects a broader trend of crypto native and prediction market companies moving quickly to expand into traditional equity derivatives markets amid this regulatory shift.