Kalshi Files for US Stock Index, Copper Perpetual Futures With CFTC

Kalshi, a prediction market operator, has submitted two perpetual futures contracts for approval to the U.S. Commodity Futures Trading Commission, seeking to expand its regulated derivatives offerings into a major U.S. stock index and industrial metals. The company filed the product submissions with the CFTC on August 18, proposing a perpetual futures contract tracking the MerQube US Large Cap Index, known as the US500, and another tied to copper prices, labeled COPPERPERP.

The proposed US500 contract would be cash-settled and reference an index comprising 500 of the largest companies listed and domiciled in the United States, weighted by public market capitalization. Its value would move in line with the index, with one full contract representing a notional value equal to the index level. To maintain price alignment, the contract would include periodic funding payments between long and short position holders. The copper contract would reference the Pyth Network's XCUUSD price feed and represent 1,000 pounds of copper per full contract. Both products would lack a fixed expiration date, a defining feature of perpetual futures that allows traders to hold positions indefinitely.