Kalshi Seeks Approval for 24/7 Perpetual Futures on Tesla, Nvidia, and Other Stocks

Prediction market platform Kalshi is preparing to seek regulatory approval for approximately 60 perpetual futures contracts tied to individual stocks and exchange traded funds, including major companies like Tesla, Apple, and Nvidia. If approved, these would become the first regulated single stock perpetual futures available in the United States, allowing continuous trading even when traditional stock markets are closed.

Perpetual futures let traders speculate on whether an asset’s price will rise or fall, often using borrowed funds, without a contract expiration date. These products have become extremely popular in crypto markets since being introduced in 2016, with newer platforms allowing round the clock leveraged trading on digital assets.

Regulatory Jurisdiction Remains Unclear

The proposal raises questions about which regulator should oversee these products. It remains unclear whether stock-linked perpetual contracts should fall under commodities regulation or securities oversight, since they are tied to publicly traded shares. Kalshi previously received approval for a bitcoin perpetual contract, though regulators indicated other asset classes would require separate review.

Major trading firm Citadel Securities has pushed back, arguing that products tied to public companies should remain under existing securities oversight to avoid creating a disconnected trading system outside normal market surveillance. The firm warned this could create opportunities for insider trading or market manipulation during periods when traditional stock exchanges are closed but perpetual contracts continue trading.