Kalshi, Coinbase, and Bitnomial File for Stock Perpetual Futures in Regulatory Push
Three major crypto platforms have filed with US regulators to launch perpetual futures tied to individual stocks, bringing crypto-style derivatives infrastructure to traditional equities markets.
Crypto Platforms Push Perpetual Futures Into Traditional Stock Markets
Prediction market platform Kalshi is pursuing regulatory approval to introduce perpetual futures contracts—derivatives widely traded in cryptocurrency markets—into traditional stock trading. The company submitted filings to both the Securities and Exchange Commission and the Commodity Futures Trading Commission on Friday, seeking authorization to offer perpetual futures tied to individual US equities.
Kalshi’s filing represents the latest effort by cryptocurrency platforms to expand their products into traditional financial markets, bringing proven crypto derivatives infrastructure to mainstream trading audiences.
How Perpetuals Would Function Across Stock Markets
Unlike conventional stock futures that settle on fixed dates, the perpetual contracts Kalshi proposes would feature no expiration date. Instead, periodic funding payments between long and short position holders would keep contract prices aligned with their underlying stocks.
Kalshi plans to classify these instruments as security futures products, with clearing operations conducted through Kalshi Klear, its CFTC-registered clearinghouse. This regulatory approach positions the company within existing frameworks while introducing a novel product type to equity markets.
The platform has already established precedent in cryptocurrency derivatives. The CFTC approved Kalshi’s Bitcoin perpetual futures contract in May 2026, leading the company to subsequently launch perpetuals on Ethereum, Solana, and XRP. This regulatory track record may provide a template for equity-based applications, though the SEC and CFTC have not yet ruled on the current proposals.
Competition Heats Up as Multiple Exchanges File
Kalshi did not enter this regulatory space alone. Coinbase, one of the world’s largest cryptocurrency exchanges, submitted a separate proposal for stock perpetual futures on the same day, directly competing with Kalshi’s filing. The synchronized filings underscore growing interest in transposing crypto derivatives models to traditional stock markets.
Payward, the parent company of Kraken, advanced a third major filing through subsidiary Bitnomial Exchange. Bitnomial outlined plans to initially offer perpetual futures on ten US equities, including Tesla, Nvidia, Apple, Microsoft, and Amazon, with goals to eventually achieve 24/5 trading availability.
The timing of these filings comes days after the CLARITY Act failed to advance in the Senate on September 15, falling short of the 60 votes necessary for passage. Responding the following day, SEC Chair Paul Atkins pledged that the agency would “act decisively” within its existing statutory authority to deliver regulatory clarity for American investors and entrepreneurs, indicating the SEC would proceed independent of legislative action.
The convergence of major exchange filings pursuing identical products reflects significant market appetite for perpetual futures in equities. These regulatory efforts could reshape how retail traders access leveraged equity positions while potentially accelerating mainstream acceptance of crypto platforms as legitimate financial infrastructure.
Source: SEC/CFTC, via Cointelegraph. Not financial advice.