Kalshi and Coinbase seek CFTC approval for US stock perpetual futures
In brief
- Kalshi and Coinbase Derivatives filed CFTC proposals September 18, 2026 for US equity perpetual futures
- Kalshi targets 58 large-cap stocks and ETFs with 15.5% minimum margins; Coinbase targets 50-60 liquid equities
- Perpetual futures never expire, use funding payments to track prices, enabling 24/5 trading versus traditional hours
- Both platforms hold CFTC approval for crypto perpetual futures from May 2026; equity perps face regulatory hurdles
- CME Group litigation challenges the regulatory framework permitting perpetual futures, questioning risk adequacy
Filing Details and Product Scope
Kalshi filed proposals to offer perpetual futures contracts tied to individual US stocks and ETFs. The contracts would track up to 58 large-cap US stocks and ETFs, all with market capitalizations north of $100B. Coinbase Derivatives dropped its own CFTC filing on the same date, seeking approval for nearly identical products—targeting single-stock and ETF perpetual futures on roughly 50 to 60 liquid US equities.
Kalshi's proposed contracts would carry minimum margins of around 15.5% and would be cash-settled, meaning no shares change hands at any point. The 15.5% margin requirement suggests these contracts are designed for roughly 6x leverage at the margin floor. Coinbase's proposed contracts would operate on a 24/5 schedule with hourly funding rate adjustments.
How Perpetual Futures Work
Perpetual futures use periodic funding payments to keep their price tethered to the underlying asset. This mechanism allows the contracts to trade nearly around the clock without an expiration date—a key feature that distinguishes them from traditional equity futures. For retail traders, the 24/5 trading schedule is a selling point. US stock markets close at 4 PM Eastern, and a perpetual contract trading nearly around the clock gives participants the ability to react to overnight news, earnings releases, or geopolitical events without waiting for the opening bell.
Regulatory Hurdles Ahead
No perpetual futures product tied to equities has actually launched in the US market. Both filings require joint oversight from the SEC and CFTC, since the underlying assets are securities, which triggers a jurisdictional question. The Shad-Johnson Accord, the decades-old agreement governing jurisdiction over security futures, adds another wrinkle to the approval process.
Both Kalshi and Coinbase received CFTC approval for crypto perpetual futures back in May 2026, demonstrating regulatory acceptance of the product structure in principle. Kalshi plans to clear these products through Kalshi Klear, its own CFTC-registered clearinghouse. Yet CME Group has been engaged in litigation challenging the regulatory framework that enables perpetual futures products. CME's argument essentially questions whether the current regulatory structure properly accounts for the unique risks of never-expiring contracts.
