CFTC clears single-stock perpetual futures as Kalshi readies rollout

Perpetual futures tied to individual stocks can begin trading on eligible US exchanges, CFTC Chairman Michael Selig announced on 3 November, opening another route for prediction-market operators to expand into traditional financial derivatives.

In his statement, Selig said the equity perpetuals were deemed approved under CFTC Regulation 40.3 as security futures products. They are subject to both federal commodities and securities laws and to the regulatory frameworks of the CFTC and SEC.

The announcement applies to designated contract markets that also hold SEC notice registration as national securities exchanges for trading security futures. It does not mean every prediction-market platform can immediately list the products.

Kalshi has prepared for stock perpetuals

KalshiEX filed its SEC notice registration on 3 September, according to the SEC’s published acknowledgement. A separate September filing proposed rules for perpetual security futures that provide exposure to an underlying equity and have no pre-specified expiry date.

Those proposed rules describe periodic funding payments between long and short positions and clearing through Kalshi Klear. They are earlier preparation for the product, rather than a new announcement made this week.

Kalshi’s 29 October product update invited customers to join a stock-perpetuals waitlist, with availability subject to regulatory approval. The CFTC’s 3 November announcement does not specify Kalshi’s opening trading date or initial stock list.

A different product from a prediction contract

Stock perpetuals offer continuing exposure to share-price movements. They differ from binary event contracts, which settle according to whether a specified outcome occurs.

The distinction matters as Kalshi broadens its product range. Regulatory clearance for equity perpetuals is a separate development from the disputes over the company’s sports event contracts.