TLDR
- Kalshi plans to seek U.S. regulatory approval for about 60 perpetual futures tied to stocks and ETFs, including Tesla, Apple and Nvidia
- Perps are leveraged contracts with no expiry date that can trade around the clock, even when stock markets are closed
- The CFTC already approved Kalshi’s Bitcoin perpetual in May; single-stock perps would need both SEC and CFTC sign-off
- Citadel Securities warned regulators the products could create a “parallel shadow market” outside normal stock market oversight
- Leveraged single-stock perpetual volume on Hyperliquid surged from $4 billion to $212 billion since the start of 2026
Kalshi, the prediction market platform, wants to bring one of crypto’s most popular trading products to U.S. stocks. The company plans to seek regulatory approval for around 60 perpetual futures contracts tied to major stocks and exchange-traded funds.
Kalshi eyes regulatory approval to launch perpetual futures linked to stocks including Tesla, Apple and Nvidia, WSJ reports.
— First Squawk (@FirstSquawk) September 11, 2026
The proposed contracts, known as “perps,” would cover companies including Tesla, Apple and Nvidia. Kalshi says it plans to limit individual-company products to businesses worth at least $100 billion.
Perpetual futures let traders bet on whether an asset will rise or fall, often using borrowed money. Unlike regular futures, they never expire. Traders make regular payments to each other to keep the contract price close to the actual asset price.
The products would trade 24 hours a day, seven days a week. That means a Tesla perp could keep moving on nights and weekends when the Nasdaq is closed.
Kalshi already has a foothold in regulated crypto perps. The Commodity Futures Trading Commission approved its Bitcoin perpetual contract in May. On Thursday, Kalshi also launched 24/7 gold and silver perpetuals with leverage of up to 15 times.
Regulatory Battle Takes Center Stage
Single-stock perps face a tougher path than crypto ones. Under current rules, futures on individual securities are regulated jointly by both the SEC and the CFTC. That means Kalshi would need approval from both agencies before launching the products.
Citadel Securities weighed in Thursday, writing to both regulators to say equity-linked perps should stay under SEC oversight. The firm warned that moving them elsewhere could create a “parallel shadow market” cut off from the surveillance systems used across U.S. stocks and options.
The concern is that someone with inside information could trade a perp on a stock after hours, while the stock market is closed and regulators have less visibility.
Critics Flag Risk to Retail Investors
Critics have also raised concerns about losses. Better Markets securities policy director Benjamin Schiffrin said there is “the potential for huge losses, especially amongst individual investors,” because traders can take leveraged positions at any hour.
Kalshi argues its leverage is similar to traditional futures and lower than many offshore platforms. CEO Tarek Mansour has called perpetuals “the purest form of trading.”
The regulatory fight is already playing out in court. CME Group sued the CFTC in June over its approval of Kalshi’s crypto perps, arguing they should be classed as swaps. The CFTC called the suit “frivolous” and Kalshi said it reflected fear of competition.
Leveraged single-stock perpetual volume on the crypto platform Hyperliquid surged from $4 billion to $212 billion since the start of 2026, according to Blockworks Research cited by the Wall Street Journal.
Kalshi did not respond to a request for comment.
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