CFTC Deems Kalshi Stock Perpetuals Approved for U.S. Trading

The Commodity Futures Trading Commission (CFTC) deemed Kalshi’s stock-linked perpetual futures approved for U.S. exchange trading Tuesday, opening regulated access to stock-price exposure through contracts with no fixed expiration date.

Kalshi’s September filing covers 58 contracts tied to major U.S. stocks and exchange-traded funds. Under Regulation 40.3, the contracts were deemed approved after a 45-day review.

Because the contracts are classified as security futures, they fall under joint CFTC and Securities and Exchange Commission oversight. They track share prices but confer no ownership, voting rights or direct dividends.

Kalshi requires collateral of at least 15.5% of each contract’s market value, letting traders control positions several times larger than their deposits. Better Markets securities policy director Benjamin Schiffrin warned that automatic liquidations can close positions before customers add funds. The group said a 20% stock decline could erase a position held at fivefold leverage.

Coinbase Derivatives and Bitnomial also submitted stock perpetual plans in September.