TL;DR
- Kalshi filed a proposal with the SEC under docket SR-KALSHIEX-2026-02 to list perpetual futures linked to 58 stocks and ETFs.
- The contracts are not yet available for trading: CFTC approval remains pending and the filing is a formal regulatory step.
- If approved, the model could blur the lines between derivatives exchanges, prediction markets and crypto infrastructure.
Kalshi, the regulated prediction markets platform in the United States, filed with the Securities and Exchange Commission (SEC) a proposal to list perpetual security futures linked to 58 stocks and exchange-traded funds (ETFs).
The docket, identified as SR-KALSHIEX-2026-02, was published a few days ago and establishes the listing standards for a category of products not yet available in the market.
Kalshi’s Proposal and the Mechanics of Perpetuals
Perpetual futures are contracts with no fixed expiration date, already established as a central tool in the crypto market. They operate through funding mechanisms that keep the contract price aligned with the underlying asset. Transposing that structure to the U.S. equity market would represent a key expansion of the model, which so far has no equivalent in the country’s traditional regulated markets markets.
Kalshi’s filing establishes the proposed framework for these instruments, but does not imply their immediate trading. The document itself explicitly states that the Commodity Futures Trading Commission (CFTC) has not yet approved the proposed rule change, making the docket a procedural step within a broader regulatory process.
Breaking Down Divisions Between Markets
The distinction between a proposal and an active product is the most important detail. The contracts are not in operation, and the September 18 filing should not be interpreted as evidence that perpetual futures on U.S. stocks are already being traded on the platform.
What the filing does offer is a formal proposal for regulators and the market to analyze in detail. Should it receive final approval, the structure could break down some of the traditional boundaries between derivatives exchanges, prediction market infrastructure and the mechanisms characteristic of crypto asset markets.
