Prediction-market platform Kalshi reportedly plans to seek approval for the first regulated U.S. perpetual futures tied to individual stocks, including Tesla Inc. (NASDAQ:TSLA), Apple Inc. (NASDAQ:AAPL) and Nvidia Corp. (NASDAQ:NVDA).
Kalshi Eyes 60 Stock And ETF Perps
According to people familiar with the matter cited by The Wall Street Journal in a report on Thursday, Kalshi plans roughly 60 perpetual contracts, or “perps,” tied to major stocks and exchange-traded funds, limiting individual-company products to businesses worth at least $100 billion. Unlike conventional futures, perps do not expire and can provide leveraged exposure around the clock, magnifying both potential gains and losses.
The push builds on Kalshi’s move into regulated crypto perpetuals. In May, the Commodity Futures Trading Commission approved KalshiEX’s Bitcoin (CRYPTO: BTC) perpetual future. The CFTC also said it would not object to Coinbase Global Inc. (NASDAQ:COIN) giving U.S. customers access to certain crypto perps traded on its Deribit platform, per a Reuters report.
Kalshi on Thursday expanded again, launching 24/7 gold and silver perpetuals with leverage of up to 15 times, the company said.
Single-Stock Contracts Face Dual Regulatory Review
Single-stock perps face an additional regulatory hurdle. The Securities and Exchange Commission guide to broker-dealer registration says futures on individual securities are regulated jointly as securities by the SEC and as futures by the CFTC, meaning Kalshi would need both agencies involved before launching the products.
The products could bring an offshore trading boom into the regulated U.S. market. The Journal, citing Blockworks Research, said leveraged single-stock perpetual volume on Hyperliquid surged to $212 billion from $4 billion at the start of 2026.
Benzinga reached out to Kalshi for clarification on their perpetual futures plan but did not receive an immediate response.
Critics Warn Leverage Could Magnify Losses
Critics warn that leverage and perpetual funding payments can accelerate losses. Better Markets securities policy director Benjamin Schiffrin told the Journal there is “the potential for huge losses, especially amongst individual investors,” particularly because traders can take leveraged positions 24/7.
Kalshi argues its leverage is comparable to traditional futures and lower than many offshore alternatives, according to the Journal. CEO Tarek Mansour previously called perpetuals “the purest form of trading”.
The regulatory fight is already contentious. CME Group Inc. (NASDAQ:CME) sued the CFTC in June over its approval of Kalshi’s crypto perps, arguing they should be classified as swaps, as per a Reuters report at the time. The CFTC called the suit “frivolous,” while Kalshi said it reflected fear of competition.
That Wall Street turf war now stands to widen if regulators allow Kalshi to bring never-expiring, leveraged bets on America’s largest stocks onshore.
Disclaimer: Kalshi and Benzinga have an existing data collaboration agreement.
Photo courtesy: Shutterstock
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