Kalshi Brings Crypto’s Perpetual Futures Model to Stocks With CFTC Filing

Kalshi has filed with the U.S. Commodity Futures Trading Commission on a product that would apply the perpetual futures model commonly associated with crypto markets to stocks, according to BeInCrypto. The filing places the proposed product within the U.S. derivatives regulatory process.

Perpetual futures, often called perps, are derivative contracts designed without a fixed expiration date. They are widely used in crypto trading, where mechanisms such as periodic funding payments are intended to keep contract prices aligned with an underlying market. A stock-linked perpetual contract would be distinct from owning shares directly.

The proposal is notable because perpetual futures have historically been far more prominent in crypto than in traditional U.S. equity markets. Bringing that structure to stocks would test how an always-open-ended derivatives format could fit within the rules governing regulated U.S. markets.

A CFTC filing does not by itself mean a product has been approved or launched. Any move forward would depend on the agency’s review and on how the proposed contracts are structured under applicable derivatives and market rules.