Competition among trading platforms seeking to launch perpetual futures products linked to individual U.S. stocks is intensifying in the United States.
Prediction-market platform Kalshi submitted proposed rule changes to the U.S. Securities and Exchange Commission (SEC) for the launch of U.S. stock-linked perpetual futures and requested approval from the Commodity Futures Trading Commission (CFTC). The contracts have no separate expiration date and are designed to track the price of the underlying stock through periodic funding payments between long and short positions.
Kalshi plans to treat the products as security futures products and clear them through its own CFTC-registered clearinghouse, Kalshi Klear.
Around the same time, Payward, Kraken’s parent company, said it plans to launch 10 U.S. stock-linked perpetual futures through its Bitnomial exchange, including contracts tied to Tesla, Nvidia, Apple, Microsoft and Amazon, and offer trading 24 hours a day, five days a week. Coinbase has also submitted a related application to the CFTC to launch perpetual futures linked to individual U.S. stocks.