Key Points
- Kalshi submitted applications to the SEC and CFTC for perpetual futures contracts based on major U.S. equities and ETFs.
- Trading hours would extend approximately 23 hours daily during weekdays with a 15.50% minimum margin requirement.
- Proposed underlying assets include Apple, Tesla, Microsoft, Nvidia, Amazon, SPY, and QQQ, pending CFTC authorization.
- Coinbase and Bitnomial simultaneously submitted their own equity perpetual proposals.
- Regulatory approval is still pending for all three platforms’ stock perpetual applications.
Kalshi has submitted an application to financial regulators requesting authorization to introduce perpetual futures contracts modeled after crypto markets for prominent U.S. stocks and exchange-traded funds.
On September 18, the platform filed its proposal with both the Securities and Exchange Commission and the Commodity Futures Trading Commission.
These financial instruments would function without expiration dates and be classified as security futures products.
The application encompasses contracts connected to major U.S. equities and ETFs, such as Apple, Tesla, Microsoft, Nvidia, Amazon, along with popular funds like SPY and QQQ.
Extended Trading Hours in Kalshi’s Stock Perpetual Blueprint
According to the filing, market hours would begin at 6 p.m. ET Sunday and continue through 5 p.m. ET Friday.
A single one-hour maintenance period would occur daily from 5 p.m. to 6 p.m. ET.
These instruments would utilize cash settlement mechanisms instead of physical share delivery.
Funding rate calculations would typically occur at 4 p.m. ET, coinciding with traditional U.S. stock market closing times.
The platform has proposed establishing a 15.50% minimum margin requirement based on the position’s present market valuation.
Standard contracts would correspond to 100 shares of the reference security, though fractional offerings may become available.
Clearing operations would be handled exclusively by Kalshi Klear, the company’s designated clearinghouse.
Trading would automatically suspend during any mandatory regulatory halts affecting the underlying security.
Rival Applications from Coinbase and Bitnomial
Kalshi faces competition from other platforms pursuing similar equity perpetual products.
Coinbase Derivatives submitted its security-futures application on the identical date, September 18.
Their proposal encompasses cash-settled perpetual contracts linked to both individual stocks and ETFs.
According to CFTC documentation, Coinbase’s single-stock perpetual application remains under regulatory review.
Bitnomial has additionally filed a comprehensive proposal outlining listing criteria and margin specifications for security futures.
Their application features proposed contracts for Apple, Microsoft, Nvidia, Tesla, Amazon, Broadcom, Micron, Alphabet, and Palantir.
Bitnomial’s plan calls for continuous 24/5 trading availability with a 15.25% minimum margin threshold.
Payward, which operates the Kraken exchange, intends to utilize Bitnomial’s regulated framework for U.S. perpetual offerings upon approval.
Regulatory Authorization Still Outstanding
Kalshi’s rule proposal carries an effective date of November 2, subject to CFTC regulatory requirements.
This scheduled date does not constitute final product approval.
As of September 20, the CFTC’s public records continued showing Kalshi’s equity perpetual submissions under pending review status.
The platform currently offers perpetual contracts for cryptocurrency assets, including a Bitcoin product that received CFTC approval in May.
Equity-based products face additional regulatory scrutiny since individual stocks fall under securities classification.
These applications represent a coordinated push by Kalshi, Coinbase, and Bitnomial to introduce cryptocurrency-style perpetual trading mechanisms to conventional U.S. equities.
Currently, all three platforms await regulatory authorization before launching their proposed equity perpetual contracts for public trading.
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