Kalshi Applies to Launch Stock Index Perpetual Futures Contracts
Nashnova编辑部
Prediction-market platform Kalshi filed with the CFTC to list perpetual futures tied to a U.S. large-cap stock index — its first push into equities, barely a month after becoming the only U.S.-regulated venue for perps, and a direct challenge to incumbents like CME.
What are perpetual contracts, and what is Kalshi proposing?
Perpetual futures — perps — are futures-like contracts with no expiry date. Traders never hold the underlying asset; a funding-rate mechanism keeps the contract price tracking the spot price.
Kalshi's proposed "US500" contract would track the MerQube U.S. Large Cap Index, covering the 500 largest U.S.-listed companies. It also filed for a copper-linked perp on the same day.
This means → Kalshi is extending perps from crypto and precious metals into equity indexes — each step pulls the product closer to the heart of traditional finance.
Why Kalshi, and how far along is it?
In late May, Kalshi won CFTC approval to become the first U.S.-regulated platform to offer perpetual futures. Notional volume topped $1 billion within the first week.
Last month it filed for gold and silver perps; the equity-index filing is step three.
In plain terms = the playbook is clear: use crypto to secure the license, then roll perps across every major asset class, aiming to become a "full-asset-class exchange."
Why are traditional exchanges nervous?
CME Group has already filed a federal lawsuit challenging the CFTC's approval of perps — a sign that incumbents see perps as a direct threat to their futures business.
Market reaction, however, is cooling: CME shares rose just 0.7% on Tuesday while CBOE slipped roughly 0.5%, both muted compared with earlier moves.
This reflects a shifting expectation: investors are pricing in the idea that perps entering the U.S. market is no longer a question of "if" but of "how fast and how broad."
What makes this filing the one to watch?
Crypto and precious metals fall squarely under CFTC jurisdiction. Equity indexes sit in the overlap between the SEC and the CFTC — making approval harder.
Global perps volume exceeded $90 trillion in 2025, yet all of it operated outside the U.S. This means → if the U.S. market opens up, the upside is enormous — but the regulatory fight will intensify.
Kalshi engineer Lior Hirschfeld put it plainly: "This is the next step toward building the world's largest exchange." Whether this equity-index filing wins approval will be the key test of how far the CFTC is willing to go.
Content is for reference only, not financial advice.