TLDR
- Kalshi submitted applications to the SEC and CFTC for perpetual futures contracts on major U.S. equities and ETFs.
- Trading sessions would extend approximately 23 hours daily during weekdays with 15.50% required customer margin.
- Proposed underlying assets include Apple, Tesla, Microsoft, Nvidia, Amazon, SPY, and QQQ, all pending CFTC authorization.
- Rival applications from Coinbase and Bitnomial were submitted simultaneously on September 18.
- Regulatory approval from the CFTC is still pending for all three competing equity perpetual proposals.
Kalshi has submitted applications to federal regulators seeking authorization to introduce perpetual futures contractsāa product popularized in cryptocurrency marketsāon prominent U.S. stocks and exchange-traded funds.
The trading platform filed its regulatory proposals with both the Securities and Exchange Commission and the Commodity Futures Trading Commission on September 18.
These instruments would operate without expiration dates and fall under the classification of security futures.
Kalshi’s applications encompass contracts based on major U.S. corporations and ETFs, such as Apple, Tesla, Microsoft, Nvidia, Amazon, SPY, and QQQ.
Kalshi’s Proposal Features Nearly Continuous Trading Sessions
According to the submitted documents, trading activity would commence at 6 p.m. ET Sunday and continue through 5 p.m. ET Friday.
Operations would halt for a single one-hour maintenance period daily, occurring between 5 p.m. and 6 p.m. ET.
Settlement would occur exclusively in cash, eliminating the need for physical share delivery.
Funding rate payments would typically process at 4 p.m. ET, coinciding with the conclusion of standard U.S. stock market hours.
The proposed framework requires customers to maintain a minimum margin of 15.50% based on current position values.
Standard contract specifications call for 100 shares per contract as the base unit, though fractional offerings may be introduced.
Clearing operations would be handled through Kalshi Klear, the company’s designated clearinghouse.
Trading would automatically suspend whenever the underlying security faces mandatory regulatory halts.
Coinbase and Bitnomial Submit Rival Applications
Kalshi faces direct competition in its pursuit to introduce perpetual futures on American equities.
Coinbase Derivatives submitted its own security-futures application on the identical September 18 date.
Their proposal encompasses cash-settled perpetual contracts tracking individual stocks and ETFs.
CFTC documentation continues to show Coinbase’s single-stock perpetual application in pending status.
Bitnomial has separately filed proposals addressing security-futures listing criteria and margin obligations.
Their submissions feature proposed contracts on Apple, Microsoft, Nvidia, Tesla, Amazon, Broadcom, Micron, Alphabet, and Palantir.
Bitnomial’s framework calls for continuous 24/5 trading availability with a 15.25% minimum margin threshold.
Payward, which operates the Kraken exchange, intends to leverage Bitnomial’s regulated framework for U.S. perpetual offerings once authorized.
CFTC Authorization Still Outstanding
Kalshi’s submitted rulebook carries a scheduled effective date of November 2, subject to extension based on CFTC regulatory requirements.
This target date represents a procedural milestone rather than confirmed product authorization.
The CFTC’s publicly accessible records continued showing Kalshi’s equity perpetual filings in pending approval status as of September 20.
Kalshi currently maintains operational perpetual products linked to cryptocurrency assets, including a Bitcoin contract that received CFTC approval during May.
Their stock-based offerings encounter distinct regulatory examination because individual equities qualify as securities.
The simultaneous filings reflect a competitive race among Kalshi, Coinbase, and Bitnomial to secure approval for cryptocurrency-inspired perpetual instruments tied to conventional U.S. equities.
Presently, all three platforms await regulatory authorization before their proposed equity perpetual products can launch for public trading.
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