Kalshi’s Plan: 60 Stock Perps, 24/7 Trading
Kalshi, the prediction-market operator, is seeking U.S. approval to list roughly 60 perpetual futures contracts tied to individual stocks and ETFs, according to a report from Bloomberg on September 11, 2026. The contracts would allow traders to bet on Tesla, Nvidia, and other major equities around the clock, mirroring the 24/7 trading that has become standard in crypto markets.
Perpetual futures, or “perps,” are derivatives with no expiry date, funded by periodic payments between longs and shorts. They dominate crypto trading volumes, often exceeding spot market activity by a wide margin. Bringing them to equities would be a first for U.S. regulated exchanges and could pressure traditional venues to extend trading hours.
The Regulatory Fight: CFTC vs. SEC
The push comes amid a jurisdictional battle between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) over who should regulate prediction markets and event-based derivatives. Kalshi already offers event contracts on economic data and political outcomes, but stock perps would blur the line between commodities and securities.
The CFTC has historically taken a lighter-touch approach to novel derivatives, while the SEC has been more cautious, especially regarding products that resemble equity swaps. If Kalshi wins approval, it could set a precedent for other platforms looking to offer leveraged, round-the-clock exposure to stocks.
Industry analysts note that the approval process could take months, and the outcome is far from certain. The SEC and CFTC have not publicly commented on Kalshi’s specific filing as of September 11, 2026.
Why 24/7 Equity Perps Matter for Traders
Retail and institutional traders have increasingly demanded access to U.S. equities outside regular market hours. Currently, most stock trading occurs between 9:30 a.m. and 4:00 p.m. Eastern, with limited pre- and post-market sessions. Crypto markets, by contrast, never close.
Kalshi’s proposed perps would let traders react to earnings, macroeconomic data, and geopolitical events in real time, without waiting for the opening bell. That could increase liquidity and reduce the gap between crypto and traditional finance, but it also raises concerns about volatility and investor protection.
If approved, the contracts would likely be cash-settled and subject to Kalshi’s existing risk controls, including margin requirements and position limits. The company has not disclosed the exact leverage or fee structure.
What to Watch: Approval Timeline and Market Reaction
The key date to watch is when the CFTC and SEC publish their respective comment periods or decisions on Kalshi’s application. A green light from both agencies would be a landmark moment for crypto-style derivatives in equities.
Meanwhile, traditional exchanges like Nasdaq and NYSE could face pressure to extend their own trading hours. Cboe Global Markets already offers extended-hours trading, but not 24/7.
For now, traders should monitor Kalshi’s official announcements and any regulatory filings. The approval or rejection of these 60 perps will signal how far U.S. regulators are willing to go in merging crypto market structures with mainstream finance.
Comments are closed.