TLDR
- Kalshi has filed with the SEC and CFTC to offer perpetual futures tied to U.S. stocks and ETFs.
- The proposed contracts would trade about 23 hours a day on weekdays and carry a 15.50% minimum customer margin.
- Apple, Tesla, Microsoft, Nvidia, Amazon, SPY and QQQ are among the contracts awaiting CFTC approval.
- Coinbase and Bitnomial filed competing stock-perpetual proposals on the same day.
- None of the proposed equity perpetuals has received final CFTC approval yet.
Kalshi is seeking regulatory approval to bring crypto-style perpetual futures to major U.S. stocks and exchange-traded funds.
Kalshi files for US stock perpetual futures, joining Coinbase and Bitnomial in pursuing stock-based perpetuals for US traders. If approved, this could broaden access to regulated, perpetual exposure on single equities. $BTC $ETH pic.twitter.com/uE3UbntULl
— Bpay News (@bpaynews) September 20, 2026
The company filed proposed rules with the Securities and Exchange Commission and Commodity Futures Trading Commission on September 18.
The products would have no fixed expiration date and would be treated as security futures.
Kalshi’s filings cover contracts linked to some of the largest U.S. stocks and ETFs, including Apple, Tesla, Microsoft, Nvidia, Amazon, SPY and QQQ.
Kalshi Proposes 23-Hour Stock Perpetual Trading
Under the proposal, trading would run from 6 p.m. ET on Sunday until 5 p.m. ET on Friday.
There would be a one-hour daily maintenance window between 5 p.m. and 6 p.m. ET.
The contracts would settle in cash rather than through delivery of the underlying shares.
Funding payments would normally take place at 4 p.m. ET, around the close of the regular U.S. equity session.
Kalshi is proposing a minimum customer margin of 15.50% of the position’s current market value.
Each standard contract would represent 100 shares of the underlying security, although smaller units could also be offered.
All trades would clear through Kalshi Klear, the company’s registered clearinghouse.
The contracts would also pause when the underlying stock is subject to a required regulatory trading halt.
Coinbase and Bitnomial File Competing Plans
Kalshi is not alone in trying to bring perpetual futures to U.S. equities.
Coinbase Derivatives filed its own security-futures proposal on September 18.
The filing covers cash-settled perpetual futures tied to individual stocks and ETFs.
CFTC records still list Coinbase’s single-stock perpetual proposal as awaiting approval.
Bitnomial also submitted a separate proposal covering security-futures listing standards and customer margin requirements.
Its filings include proposed contracts tied to Apple, Microsoft, Nvidia, Tesla, Amazon, Broadcom, Micron, Alphabet and Palantir.
Bitnomial is proposing 24/5 trading and a minimum margin floor of 15.25%.
Payward, the parent company of Kraken, plans to use Bitnomial’s regulated infrastructure for U.S. perpetual products if approvals are granted.
CFTC Approval Remains Pending
Kalshi’s proposed rules are scheduled to become effective on November 2, or later if required by CFTC regulations.
That date does not mean the products have been approved.
The CFTC’s public database continued to list Kalshi’s equity perpetual submissions as approval pending on September 20.
Kalshi already operates perpetual products tied to crypto assets, including a Bitcoin contract approved by the CFTC in May.
Its proposed stock products face a different regulatory process because individual equities are securities.
The filings arrive as Kalshi, Coinbase and Bitnomial each seek approval for crypto-style perpetual contracts linked to traditional U.S. stocks.
For now, all three remain dependent on regulatory clearance before the proposed equity perpetuals can begin trading.
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