Kalshi Launches US 500 Perpetual Futures Contract

Kalshi launched its US 500 perpetual futures contract on October 6, giving traders leveraged long or short exposure to an index of 500 large U.S. companies without a fixed expiration date. The contract followed approval by the Commodity Futures Trading Commission (CFTC) and extends Kalshi’s derivatives offering beyond event markets, cryptocurrencies and metals. The cash-settled contract references the MerQube US Large Cap Index. It offers synthetic exposure to the index rather than ownership of its constituent shares, so holders do not receive shareholder rights, according to the product details. Kalshi filed with the CFTC in August, and the contract was open for trading by October 6. Unlike conventional futures, which expire on set dates, a perpetual contract can remain open indefinitely. Kalshi’s product uses periodic funding payments between traders holding long and short positions to help keep its price aligned with the underlying index. Kalshi’s description says the mechanism allows traders to maintain exposure without rolling positions into new contracts as expiry approaches.