Kalshi files to launch perpetual futures tied to US stock index, copper

Kalshi has filed with the Commodity Futures Trading Commission to offer perpetual futures contracts tied to the MerQube US Large Cap Index and copper. The proposed products would expand the platform’s offerings into contracts designed to track a broad US equity benchmark and a major industrial commodity.

Perpetual futures, often called perps, are derivative contracts that do not have a traditional expiration date. They are widely associated with crypto trading, though the structure can also be used for products linked to other markets. Kalshi’s filing concerns US-regulated derivatives tied to the named index and copper.

The MerQube US Large Cap Index is intended to represent large-cap US stocks, while copper is a globally traded commodity used across construction, manufacturing and energy infrastructure. Contracts based on those references could give market participants additional ways to express views on equity and commodity markets.

The filing places the proposed products under CFTC review and does not itself mean the contracts are available for trading. The CFTC is the US agency responsible for overseeing derivatives markets, including futures and certain event-based contracts. The move highlights continued interest in adapting perpetual-futures structures beyond their prominent use in digital-asset markets.