Kalshi has submitted a proposed rule change to the Securities and Exchange Commission and related materials to the Commodity Futures Trading Commission seeking permission to list perpetual futures contracts linked to individual U.S. stocks. The filing, made on Friday, aims to adapt a derivatives structure long associated with crypto markets for traditional equities.

The proposed contracts would carry no fixed expiration date. Instead, periodic funding payments exchanged between long and short positions would keep prices aligned with the underlying shares. Kalshi stated that the products would be treated as security futures and cleared through its CFTC-registered clearinghouse, Kalshi Klear. The CFTC has not yet approved the proposal.

Parallel Filings by Coinbase and Payward

Kalshi’s submission arrived the same day Coinbase filed its own proposal to offer perpetual futures tied to individual U.S. stocks. Both plans rely on the same core mechanism of continuous contracts balanced by funding payments.

Payward, the parent company of crypto exchange Kraken, also advanced a similar effort through its Bitnomial Exchange. Payward indicated it intends to make the products available to U.S. traders on Kraken. It plans to begin with perpetual futures linked to 10 U.S. equities, including Tesla, Nvidia, Apple, Microsoft and Amazon, while working toward 24/5 trading hours.

Kalshi’s Existing Crypto Perpetual Offerings

Kalshi already operates perpetual futures on cryptocurrencies in the United States. The firm received CFTC approval for its Bitcoin perpetual contract in May and currently lists contracts linked to Ether, Solana and XRP. The new equity proposal seeks to apply the same open-ended structure and funding-payment design to single-stock underlyings within the security-futures framework.

Regulatory Backdrop After CLARITY Act Setback

The filings follow the U.S. Senate’s failure on Sept. 15 to advance the CLARITY Act, which fell short of the 60-vote threshold required to proceed. In the aftermath, SEC Chair Paul Atkins said the agency would act “decisively” within its existing statutory authority “with or without legislation.”

Market participants are now watching the regulatory review timelines at both the SEC and CFTC. Attention centers on whether the proposed structures—no fixed maturity combined with funding-based price alignment—will satisfy requirements for security futures and how clearing arrangements will be implemented if approvals are granted.