Kalshi Files for U.S. Stock Perpetual Futures

Kalshi has filed to bring perpetual futures tied to individual U.S. stocks to American traders, adding another entrant to a small but growing field seeking approval for crypto-style derivatives in regulated markets.

The proposal would allow traders to speculate on stock prices through contracts that do not expire, a structure more commonly associated with digital-asset exchanges than U.S. equity venues. Coinbase and Bitnomial have also pursued similar products, underscoring rising demand for leveraged, around-the-clock trading instruments.

If approved, the product could broaden access to synthetic equity exposure for retail and institutional traders seeking more flexible hedging or directional strategies. But the filing is likely to face close review from regulators, given longstanding concerns about leverage, investor protection and the line between derivatives and securities-linked products.

The timing comes as market sentiment remains elevated, with the Fear and Greed Index at 71, suggesting traders are still willing to take on risk. That backdrop may support interest in new speculative instruments, though it does not reduce the regulatory hurdles ahead.

Kalshi’s move also reflects a broader convergence between crypto market structure and traditional finance. Perpetual futures have become a core trading product in digital assets, and exchanges are increasingly trying to adapt that model to U.S. equities under formal oversight.