Kalshi and Coinbase File for US Stock Perpetual Futures
Crypto-style derivatives may soon expand to traditional equity markets.
1New financial product filings
Kalshi has filed with the SEC and CFTC to offer perpetual futures tied to individual US stocks, joining Coinbase in this initiative. These contracts would have no expiration date and use periodic funding payments to align prices with underlying stocks. The proposal comes as part of a broader push to bring crypto-style derivatives to traditional equity markets. Kalshi's contracts would be cleared through its CFTC-registered clearinghouse, Kalshi Klear.
2Competitive landscape emerges
Coinbase submitted a similar proposal on the same day as Kalshi's filing. Payward, Kraken's parent company, also filed through Bitnomial Exchange to offer these products. This coordinated activity suggests growing interest in expanding perpetual futures beyond cryptocurrency markets. The filings indicate potential competition in this emerging financial product space among major crypto-native companies.
3Product specifications
The proposed perpetual futures would function similarly to crypto derivatives, maintaining price alignment through funding payments between long and short positions. Kalshi already offers crypto perpetual futures for Bitcoin, Ether, Solana, and XRP after receiving CFTC approval in May. Payward plans to initially offer contracts tied to 10 major US equities including Tesla and Apple, with ambitions for 24/5 trading availability.
4Regulatory context
The filings follow the failed advancement of the CLARITY Act in the Senate on September 15, which fell short of the required 60 votes. SEC Chair Paul Atkins subsequently stated the agency would act decisively within its existing authority regardless of legislative outcomes. This regulatory environment creates both opportunities and uncertainties for new financial products entering traditional markets.
5Market implications
The introduction of stock perpetual futures could bridge crypto and traditional finance markets, offering traders new instruments for speculation and hedging. These products would provide continuous exposure to equities without expiration dates, similar to crypto perpetual contracts. The development represents a significant expansion of crypto-native financial innovations into mainstream markets.
6Clearing and compliance
Kalshi's proposed contracts would be treated as security futures products and cleared through its registered clearinghouse. This structure aims to provide regulatory compliance while maintaining the flexibility of perpetual contracts. The CFTC has not yet approved Kalshi's proposal, leaving the timeline for potential launch uncertain.
7Industry adoption timeline
Kalshi received CFTC approval for its Bitcoin perpetual contract in May 2026, establishing precedent for its current filing. Coinbase's parallel submission suggests coordinated industry efforts to expand product offerings. Payward's plans indicate potential rapid adoption among crypto exchanges if regulatory approvals are granted.
8Future regulatory outlook
The simultaneous filings by multiple companies may prompt coordinated regulatory review. The SEC and CFTC face decisions that could shape the integration of crypto financial products with traditional markets. These developments occur amid ongoing debates about digital asset regulation following the CLARITY Act's failure, setting the stage for potential market transformation.
Original article: Cointelegraph.com News — Kalshi and Coinbase File for US Stock Perpetual Futures