Kalshi Seeks 24/7 Perpetual Futures on Tesla, Apple, Nvidia
Kalshi is pursuing CFTC approval for ~60 single-stock perpetual futures, a first for U.S. regulated markets and a new turf war trigger.
Prediction market platform Kalshi has filed for regulatory approval to offer approximately 60 perpetual futures contracts tied to individual stocks and ETFs — including marquee names Tesla, Apple, and Nvidia — in what would mark the first regulated single-stock perps ever launched in the United States. The move pushes the boundaries of how derivative products are structured and sold to American investors, bringing a trading format long popular in crypto markets into the mainstream equities arena.
The proposal is already drawing battle lines between two of Washington's most powerful financial regulators. The central dispute: whether the Commodity Futures Trading Commission or the Securities and Exchange Commission holds jurisdiction over these instruments. That turf war could prove as consequential as the products themselves, since the outcome would determine what disclosure rules, leverage limits, and investor protections apply.
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Perpetual futures — contracts with no expiration date — are a staple of cryptocurrency trading platforms, where they allow traders to hold leveraged positions around the clock without rolling contracts. Kalshi's pitch would transplant that mechanism onto some of the most actively traded equities in the world, enabling continuous, 24/7 exposure to stocks that currently trade only during standard market hours. For retail traders accustomed to crypto's always-on environment, the appeal is obvious.
The regulatory outcome remains far from certain. The CFTC and SEC have clashed repeatedly in recent years over who governs novel financial products that blur the line between securities and commodities. A definitive ruling on Kalshi's application could set a sweeping precedent for how derivative innovation is overseen in the U.S. for years to come, making this fight one that Wall Street, crypto desks, and retail platforms will watch closely.
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