Kalshi applies to launch U.S. crypto-asset-linked perpetual futures on Coinbase

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Kalshi向美国监管机构提交申请，拟推出挂钩个股的永续合约

Kalshi已向美国监管机构提交申请，计划推出挂钩美国单只股票的永续期货合约。这一举措标志着具有加密货币风格的衍生品结构正延伸至传统股票市场。据文件显示，该公司的提案已作为规则变更提交给美国证券交易委员会（SEC），并同步送交商品期货交易委员会（CFTC）进行审查。

与此同时，Coinbase也提出了另一项单独的计划，旨在提供单只股票的永续期货。这两项努力表明，受监管的加密货币衍生品平台之间的竞争日益激烈，它们正在尝试将永续合约机制——特别是持续资金费率支付的使用方式——应用于股票工具中。

核心要点

Kalshi向SEC提交了规则变更提议，并向CFTC提交了相关材料，以启用与特定美国股票挂钩的永续期货。
这些合约没有固定的到期日，而是通过多头和空头头寸之间的定期资金支付来保持定价与基础股票的一致性。
Kalshi表示，这些产品将被视为“证券期货”，并通过其经CFTC注册的清算所Kalshi Klear进行清算。
Coinbase在同一天提交了平行提案，而Kraken的母公司Payward也通过Bitnomial推进了相关申请。

The proposals come amid renewed uncertainty about the regulatory path related to cryptocurrencies in the United States due to the Senate's failure to advance the CLARITY Act earlier this month.

Kalshi filed an application with the SEC and CFTC for equity-linked perpetual contracts

Based on Kalshi's rule change filing with the SEC, the company sought approval to list perpetual futures linked to a single U.S. stock. The document was filed on Friday and the proposal has not yet been approved by the CFTC.

A key feature of Kalshi's design is that these futures will have no predetermined expiration date. Unlike traditional contracts that are settled at a specific maturity period, the relationship between price and underlying stocks will be maintained through "regular capital payments" exchanged between long and short positions, a mechanism widely used in cryptocurrency perpetual futures.

Kalshi also pointed out that the proposed contracts will be treated as securities futures products and will be cleared using Kalshi Klear, Kalshi's CFTC registered clearing house. This is critical to market participants because it points to an operating model built around regulated clearing rather than customized settlement arrangements.

Coinbase acted simultaneously to expand the "equity sustainability" competition

Kalshi's submission followed another announcement made by Coinbase that day. Previous reports pointed out that Coinbase has also submitted a proposal to introduce perpetual futures linked to individual U.S. stocks into the market, using the same overall idea: achieving perpetual exposure without a traditional maturity date and balancing through regular funding payments.

这些申请的意义不仅在于复制了熟悉的加密货币衍生品模板，更在于它们试图将其转化为股票衍生品框架——在该框架下，产品分类、清算安排和监管监督可能与原生加密货币合约存在显著差异。

Payward和Bitnomial也寻求股票永续合约批准

Kalshi和Coinbase并非唯一推进此概念的玩家。加密货币交易所Kraken的母公司Payward也提交了提供单只股票永续期货的申请。该提案通过Payward旗下的Bitnomial Exchange提交，Payward表示预计该产品将向美国交易者开放，并在Kraken上提供。

Payward表示，计划首先推出挂钩10只美国股票的永续期货，包括特斯拉（Tesla）、英伟达（Nvidia）、苹果（Apple）、微软（Microsoft）和亚马逊（Amazon），并致力于实现每周7天、每天24小时的交易。

加密货币式资金费率遭遇政策时刻：《CLARITY法案》受挫后

据报道，在参议院于9月15日未能推动《CLARITY法案》后，单只股票永续期货的推进工作随之而来。该法案未达到所需的60票门槛以继续推进。

在此事发生后不久，SEC主席Paul Atkins表示，该机构将在现有法定权限内“果断”采取行动，“无论是否有立法”。这表明，即使更广泛的立法停滞不前，监管机构也可能通过其他渠道追求框架。对于投资者和交易者而言，这些细节至关重要，因为监管清晰度往往决定了新的衍生品结构能否以及如何大规模推出。永续期货对寻求持续敞口的市场参与者具有吸引力，但也改变了风险随时间管理的方式——特别是考虑到资金费率在维持价格关系中的作用。

Kalshi已经在美国运营加密货币资产的永续期货市场。据悉，Kalshi已于5月获得CFTC对其比特币永续合约的批准，并提供挂钩以太坊（Ether）、索拉纳（Solana）和瑞波币（XRP）等资产的永续合约。