Kalshi Files for US Stock Perpetual Futures, Joining Coinbase and Kraken in a New Derivatives Race

The crypto-style trading product Americans could not touch is coming to Wall Street — and three firms just raced to file for it on the same day. Prediction market Kalshi has filed with US regulators to offer perpetual futures tied to individual US stocks, joining Coinbase and Kraken’s parent company in a simultaneous push to bring crypto’s favorite derivative to traditional equities.

By Raj Patel | September 19, 2026

The Hook: What Is a Perpetual Future, Anyway?

Perpetual futures — “perps” for short — are the workhorse of crypto trading. Unlike a normal futures contract, a perp has no expiration date. You can hold a leveraged bet on an asset’s price for as long as you want. To keep the contract’s price glued to the real asset, traders on each side exchange small periodic funding payments — think of it as a tiny rent paid continuously between buyers and sellers.

Crypto traders have used perps for years to speculate and hedge, and the product’s popularity is one reason crypto derivatives volumes often dwarf spot trading. Now that same machinery is being pointed at stocks like Tesla and Nvidia — and with Bitcoin back around 81,830 USD, Ethereum near 2,649 USD, and Solana at about 112 USD, risk appetite across both markets is clearly recovering.

The Filing: Three Applications, One Day

On Friday, Kalshi filed a proposed rule change with the Securities and Exchange Commission (SEC) and submitted it to the Commodity Futures Trading Commission (CFTC) for approval, according to the filing. Key details:

• The contracts would have no preset expiration date, using funding payments between long and short positions to track the underlying stock.
• Kalshi says the contracts would be treated as security futures products — a regulated category that blends securities and futures rules.
• Clearing would run through Kalshi Klear, the company’s CFTC-registered clearinghouse — essentially the middleman that guarantees both sides of every trade.
• The CFTC has not yet approved the proposal.

The same day, Coinbase submitted a separate proposal to offer perpetual futures tied to individual US stocks. And Payward, the parent of crypto exchange Kraken, filed through its Bitnomial Exchange as well, saying it plans to initially offer perps tied to 10 US equities — including Tesla, Nvidia, Apple, Microsoft, and Amazon — with a goal of 24/5 trading, meaning around the clock on weekdays.

Why Now: The CLARITY Setback Flipped the Strategy

Timing matters here. The filings came just days after the CLARITY Act failed to advance in the Senate on September 15, falling short of the 60 votes needed to proceed. That bill was Congress’s attempt to draw a clean line between which regulator oversees which crypto asset.

With legislation stalled, the industry is pivoting to regulators instead. The day after the vote, SEC Chair Paul Atkins said the agency would act “with or without legislation,” promising to “act decisively” within its existing authority to provide regulatory certainty. Firms like Kalshi, Coinbase, and Payward are testing exactly how far that door opens — and stock perps, sitting at the intersection of securities and derivatives law, are the perfect test case.

Kalshi is not starting from scratch, either. It already offers crypto perpetual futures in the US — on Bitcoin, Ether, Solana, and XRP — after receiving CFTC approval for its Bitcoin perp contract in May. Extending the same product to stocks is a natural next step.

The Core Conflict: Speed Versus Protection

Stock perps raise a genuine question for regulators: retail investors can already trade leveraged products, but perps combine leverage, no expiry, and round-the-clock trading in one package. A trader who misjudges a leveraged position in a fast-moving market can be wiped out quickly — and unlike stock options, perps never force a settlement date that ends the risk.

That is precisely why the approval path matters. If the CFTC green-lights Kalshi’s structure through its clearinghouse while the SEC reviews the rule change, it sets a template every competitor will copy. If regulators balk, the three filers may need to redesign leverage limits or margin rules before launch. Either outcome will shape how American retail investors access these products for years.

What This Means For You

• More choice, more risk. If approved, US traders will get leveraged, always-open positions on major stocks — powerful for hedging, dangerous for over-betting.
• Watch the approvals calendar. A CFTC green light for Kalshi would likely trigger rapid approvals or filings from Coinbase and Bitnomial, reshaping the US derivatives landscape.
• Convergence is the theme. Crypto rails, prediction-market venues, and stock exchanges are all converging on the same products. The line between a “crypto platform” and a “brokerage” is disappearing.
• Use caution with leverage. Funding payments can quietly erode a position held for weeks, and leveraged no-expiry contracts have liquidated countless crypto traders. Treat stock perps as a tool, not a lottery ticket.

The Verdict

Three filings in one day is not a coincidence — it is a coordinated land grab for the next big derivatives market. With Congress stalled, the action has moved to the SEC and CFTC, and stock perpetual futures are the prize. Investors should expect a regulatory review process measured in months, not days — but if even one of these filings is approved, expect Wall Street’s trading hours and crypto’s trading habits to start blending faster than anyone predicted.

The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.