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BTC Kalshi plans to seek U.S. approval to launch about 60 perpetual contracts linked to stocks and ETFs, which is expected to introduce 24/7 cryptocurrency trading to major stock markets
Core Points
Kalshi hopes to provide perpetual contracts linked to about 60 stocks and exchange-traded funds (ETFs) such as Tesla, Apple and Nvidia. These contracts may be traded around the clock without expiration dates, in sharp contrast to traditional futures. Citadel Securities warned that equity-related perpetual contracts that are not regulated by the Securities and Exchange Commission could create a "parallel shadow market."
Kalshi's stock perpetual contract plan
The Wall Street Journal reported that the forecast market operator plans to seek regulatory approval to launch perpetual contracts linked to individual stocks and exchange-traded funds, including Tesla, Apple and Nvidia. If approved, they would become the first regulated single-share perpetual futures contracts in the United States.
Perpetual futures allow traders to make leveraged bets on the rise and fall of asset prices without setting an expiration date. Funding rate payments between traders help bring the contract price closer to the price of the underlying asset. For example, Tesla's perpetual contracts could continue to trade during nights and weekends when Nasdaq is closed, providing market prices before traditional shares reopen. This structure has become common in the cryptocurrency space, where perpetual futures are traded continuously on platforms such as Hyperliquid.
Citadel issues regulatory warning
Citadel Securities has challenged current regulatory approaches, pointing to the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) that derivatives related to listed companies should continue to be subject to SEC regulation. The company warned that moving it under other regulators could create a "parallel shadow market" that would break away from the monitoring system that covers U.S. stocks and options.
The core concern is how continuous perpetual contracts will interact with stock markets that are intermittently closed and can suspend trading in individual securities. In theory, a person holding undisclosed inside information could trade a stock perpetual contract during the underlying stock's closed market, and company news could cause the price of the perpetual contract to fluctuate during the trading pause.
Background: New trends after the breakthrough in regulation of crypto derivatives
Kalshi's proposal follows previous regulatory breakthroughs in the field of crypto derivatives. In May this year, the CFTC approved its perpetual contract linked to Bitcoin (BTC), classifying the product as a futures contract, while cautiously stating that other asset classes would need to be reviewed separately.
