Kalshi Seeks Approval for Single-Stock Perpetual Futures

Kalshi, a New York-based derivatives exchange, is preparing to file for regulatory approval to offer the first perpetual futures contracts on individual U.S. stocks, a move that would extend a trading instrument popular in cryptocurrency markets to traditional equities. The company plans to seek joint approval from the Commodity Futures Trading Commission and the Securities and Exchange Commission for approximately 60 contracts linked to major stocks and exchange-traded funds, starting with Tesla, Apple, and Nvidia. The proposed contracts would trade 23 hours a day, five days a week, with each contract representing 100 shares and requiring a minimum margin of roughly 15% of the stock's market value. Unlike standard futures, perpetual contracts have no expiration date, allowing traders to hold positions indefinitely while periodic funding rate payments keep the contract price aligned with the underlying asset's spot price. Kalshi CEO Tarek Mansour stated the company will file as soon as next week. "It's about time that these products come to the U.S., under a regulated umbrella with the right set of guardrails and customer protection," Mansour said.