Kalshi has filed its own proposal to offer stock perpetual futures in the US, joining Coinbase and Bitnomial in seeking regulatory approval for crypto-linked derivatives tied to equities. The proposal would bring perpetual futures tied to individual stocks to US traders, as Coinbase and Bitnomial pursue similar products.
Stock perpetual futures are derivative contracts that allow traders to speculate on stock prices without expiration dates or the need to own the underlying shares. These instruments have gained traction in crypto markets but remain less common in traditional equity trading in the US. Regulators have yet to approve any major platform offering such products directly tied to individual stocks.
Key Facts
- Kalshi has filed its own proposal for stock perpetual futures in the US.
- The proposal targets individual stock-linked perpetual futures.
- Coinbase and Bitnomial are also pursuing similar products.
- All three platforms aim to bring perpetual futures to US traders.
- This move reflects growing interest in stock perpetual futures within the US crypto sector.
The Story
Who Is Affected?
US traders could soon gain access to a new class of financial instruments that blend elements of crypto derivatives with traditional equity exposure. Kalshi’s proposal, along with those from Coinbase and Bitnomial, targets retail and institutional participants interested in leveraged trading without expiry constraints. These platforms are positioning themselves to compete in a market that has seen explosive growth in perpetual swaps globally, especially in crypto markets where they are widely used.
What Happens Next?
Regulatory review will determine whether any of these proposals move forward. The Commodity Futures Trading Commission (CFTC) oversees derivatives markets in the US and has been cautious about approving novel products that blur lines between crypto and traditional finance. Each filing must undergo scrutiny regarding investor protection, market integrity, and systemic risk. Approval timelines are uncertain, and no official statements have been issued by regulators so far.
How Did We Get Here?
Perpetual futures have become a dominant tool in crypto trading, popularized by exchanges like Binance and Bybit. Their appeal lies in their ability to offer high leverage and continuous trading without expiry dates. As crypto adoption grows among mainstream investors, platforms are seeking to bridge crypto-native tools with traditional assets. This trend has led to increased filings for equity-linked perpetual products in the US, signaling a potential shift in how traders interact with both markets.
What We Know — and What We Don't
Verified by the source:
- Kalshi has submitted its own filing for stock perpetual futures.
- Coinbase and Bitnomial have also pursued similar product offerings.
- The proposed products involve perpetual futures tied to individual stocks.
- The filings are aimed at providing these products to US traders.
Still unconfirmed:
- Specific details about the structure of Kalshi’s proposal.
- Regulatory response or timeline for review.
- Whether approvals are expected or already underway.
- Any potential partnerships or technical integrations involved.
Why It Matters
The push for stock perpetual futures represents a convergence of two major financial trends: the rise of crypto derivatives and growing demand for flexible equity exposure. For retail traders, these products may offer new ways to hedge positions or speculate on short-term movements. For regulators, they present challenges around oversight and risk management in hybrid markets combining crypto mechanics with traditional asset classes.
What To Watch
Market participants are waiting for regulatory clarity on these filings. Any signals from the CFTC regarding approval or rejection could shape the future of cross-market derivative trading in the US. As more platforms file similar proposals, competition—and regulatory attention—may intensify.
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