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Bonus TL;DR
- Kalshi formally filed proposed rules with the SEC and CFTC to launch cash-settled perpetual security futures tied to 58 U.S. stocks and ETFs.
- The SEC has opened a public comment period and CFTC approval remains pending, keeping the timeline uncertain amid existing industry objections over fragmented market oversight.
Kalshi has filed proposed rules with the SEC and CFTC to list perpetual security futures tied to 58 U.S. stocks and ETFs, but the contracts are not yet approved for trading.
The filing matters because it would extend crypto-style perpetual contracts into U.S. equity-linked products through a prediction market operator already active in regulated event contracts. For now, though, the proposal is still in the review stage: the SEC has opened a public comment process, and the CFTC database lists the products as awaiting approval.
SEC notice opens comment process on Kalshi proposal
According to the SEC notice, Kalshi submitted filing SR-KALSHIEX-2026-02 on Sept. 18 and proposed adding a new Chapter 14 to its rulebook covering perpetual security futures.
The contracts would track an underlying equity security with no pre-set expiration date. Instead of expiring on a fixed date, long and short holders would exchange periodic funding payments based on the gap between the perpetual contract and the underlying stock. The contracts would settle in cash.
The same SEC notice says Kalshi submitted the rule change to the CFTC on the same day. The source material does not name the 58 underlying tickers.
That leaves several details unresolved for market participants, including:
- Which stocks and ETFs are included
- What leverage or margin rules would apply
- How retail access would work
- When regulators may allow trading to begin
CFTC approval is still pending
Kalshi has not launched the products, and the CFTC product database lists the single-stock perpetual filings as awaiting approval.
No action date is provided in the source material. That means readers and industry participants can track two separate developments next: the SEC comment process and any eventual CFTC decision.
The proposal also arrives after the CFTC approved Kalshi’s Bitcoin perpetual contract on May 29, giving the company a prior foothold in perpetual-style products.
The broader regulatory debate is already visible. In a Sept. 9 comment letter, Citadel Securities argued that moving these kinds of equity-linked products outside the SEC framework could fragment oversight and create a “parallel shadow market” tied to U.S. equities.
For now, the main takeaway is narrower: Kalshi has filed for approval, but the equity perpetual futures are not live, and key details on access, risk limits, and timing remain undisclosed in the public notice.
Source: As reported by news.google.com.
