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BTC Kalshi submitted an application to the U.S. Commodity Futures Trading Commission to launch perpetual contracts linked to U.S. stocks.
Kalshi, like Coinbase, is committed to introducing cryptocurrency-style perpetual contracts to traditional stock markets. Kalshi has formally filed a document seeking regulatory approval to list perpetual futures contracts linked to U.S. stocks. According to CryptoBriefing and crypto.news, the move aims to obtain approval from the U.S. Commodity Futures Trading Commission (CFTC).
Perpetual futures are derivatives contracts that do not expire. It originated in the cryptocurrency market, where traders use it to speculate on the direction of prices without having to hold the underlying assets. Unlike traditional futures, perpetual contracts rely on a regular funding payment mechanism between long and short positions, allowing the contract price to anchor the spot market price.
Kalshi's business is built on regulated event contracts, a type of derivative linked to the outcome of real-life events. The company has expanded significantly from political and economic forecasting into sports and other markets. If approved for listing equity-linked perpetual futures, it marks a further foray into tools similar to traditional securities trading, although their form has been popularized by cryptocurrency exchanges.
这一举动使 Kalshi 直接与 Coinbase 展开竞争。Coinbase 同样计划提供与股票挂钩的永续风格产品。Coinbase 的大部分业务建立在加密货币衍生品之上，并已表示有兴趣将相同的交易结构应用于股票。两家公司似乎都在押注，习惯使用加密货币永续合约的交易者，也将渴望获得用于股票敞口的类似工具。
这一趋势反映了加密市场结构与传统金融融合的大背景。永续期货允许交易者在不直接拥有股份的情况下，采取高杠杆且全天候的头寸。这与受限于市场时间、结算周期以及托管要求的传统股票交易形成鲜明对比。
然而，监管批准并非板上钉钉。CFTC 负责监管美国的衍生品市场，历史上对产品是否 resembling 证券交易保持严格审查。挂钩个股的永续期货引发了关于投资者保护、杠杆限制以及与证券交易委员会（SEC）执行的现有股权市场规则互动的问题。
Kalshi 此前曾因事件合约的分类问题（特别是与体育结果相关的合约）与监管机构和州博彩当局发生冲突。鉴于该产品在形式上与已在不同框架下受监管的高杠杆股权衍生品相似，任何向股票挂钩永续合约的扩张都可能招致类似的关注。
The timing of the filing shows that companies believe there are opportunities in a more inclusive regulatory context of crypto-related products in the United States. Kalshi and Coinbase's business growth has been due to their testing of the boundaries between crypto-native trading formats and traditional financial instruments.
Market Impact
If approved, equity-linked perpetual futures could reshape the way retail investors and active traders gain exposure to U.S. stocks. Perpetual contracts typically provide higher leverage and continuous trading time compared to the standard stock market, which may appeal to traders currently active in the cryptocurrency derivatives market.
This development has also intensified the competition between Kalshi and Coinbase, as both companies seek to define crypto-native stock trading models before regulators develop stricter rules. The CFTC's approval or rejection could affect how other exchanges and forecasting market platforms process similar applications in the near term.
Kalshi's application signal shows growing interest in merging crypto trading mechanisms with traditional stock markets, although the CFTC's final approval remains full of uncertainty.
FAQs
What are perpetual futures?
Perpetual futures are derivative contracts with no expiration date. They align prices with underlying assets through regular funding payments between long and short traders.
Why did Kalshi submit an application to the CFTC?
CFTC 监管美国的衍生品市场，任何与股票挂钩的永续期货产品在合法向交易者提供之前，都需要获得该机构的批准。
这与 Coinbase 的计划有何关系？
Coinbase 也在单独推进提供与股票挂钩的永续风格产品，这意味着 Kalshi 的提交使这两家公司在将这种源自加密的交易格式带入股票市场方面展开了竞争。
这等同于交易实际股票吗？
不。永续期货允许交易者使用衍生品合约来投机价格波动，而不是直接购买或持有基础股份。
