Kalshi, a regulated US exchange for event‑driven contracts, filed a formal request with the Securities and Exchange Commission to list perpetual futures tied to individual US stocks on the Coinbase platform. The filing, announced this week, would allow retail traders to trade leveraged positions on equities such as Apple (AAPL) and Tesla (TSLA) without owning the underlying shares, using a crypto‑linked futures structure.
Regulatory filings and oversight
Kalshi’s application is being reviewed by the SEC, while Coinbase has simultaneously lodged a separate petition with the Commodity Futures Trading Commission to list the same class of single‑stock perpetual contracts. Both filings indicate that the products would operate on a 24‑hour, five‑day‑a‑week schedule, mirroring the near‑continuous trading model of crypto derivatives markets.
“Kalshi aims to bring perpetual futures tied to individual stocks to US traders,” the company stated in its filing.
The dual‑agency approach reflects the hybrid nature of the offerings, which sit at the intersection of securities regulation (for the underlying equities) and commodities law (for the futures contract). Regulators have yet to issue a definitive ruling, but the submissions signal a growing appetite among exchanges to broaden the scope of crypto‑compatible derivatives for retail investors.
Product offering and market impact
Perpetual futures are derivative contracts without an expiration date, allowing traders to maintain positions indefinitely, subject to periodic funding payments that align the contract price with the spot market. By linking these contracts to single‑stock prices, Kalshi and Coinbase aim to provide a familiar asset class—U.S. equities—within a crypto‑centric trading environment.
For crypto‑savvy participants, the products represent a familiar format already prevalent on platforms such as Binance and Bybit, where perpetual swaps dominate volume. For mainstream investors, the appeal lies in the ability to gain leveraged exposure to popular stocks without navigating traditional brokerage accounts, potentially lowering entry barriers and offering new hedging tools.
Industry competition and outlook
Kalshi’s move arrives as other U.S. exchanges, including Bitnomial, are also pursuing approvals for crypto‑linked perpetual futures. The emerging “exchange race” underscores a broader trend: traditional financial infrastructure is increasingly converging with digital‑asset ecosystems to capture retail trading demand.
Analysts note that the success of these products will hinge on clear regulatory guidance, robust risk‑management frameworks, and effective education for retail participants unfamiliar with leveraged trading. If approved, the contracts could expand the derivative market’s size, offering new revenue streams for exchanges while introducing additional volatility to retail portfolios.
Both Kalshi and Coinbase have emphasized compliance with existing securities and commodities regulations, positioning the proposals as a bridge between the regulated finance world and the fast‑moving crypto sector. The pending decisions from the SEC and CFTC are expected in the coming weeks, and will determine whether U.S. traders will soon have direct access to stock‑linked perpetual futures on a major crypto exchange.
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Live data: CoinGecko — 2026-09-20 01:21 UTC
