Kalshi has submitted filings to the Commodity Futures Trading Commission seeking authorization to list two new perpetual futures contracts, one linked to a major U.S. equity index and the other to copper. The August 18 submissions mark a further step beyond the exchange’s existing crypto and precious metals offerings into core traditional asset classes.

Contract Details and Structure

The proposed US500 contract would track the MerQube US Large Cap Index, a float-weighted measure of the 500 largest companies listed and domiciled in the United States. Each contract carries a multiplier of $1 per index point, with a minimum price fluctuation of 0.05 points. Position accountability is set at a $25 million mark-to-market level. The product is designed as cash-settled only, with no fixed expiration or physical delivery.

The second contract, designated COPPERPERP, references the spot price of copper in U.S. dollars per pound via the Pyth Network XCU/USD price feed. Each full contract represents 1,000 pounds of copper. The minimum tick size is $0.0005 per pound, equivalent to $0.50 per contract. Kalshi has proposed a maximum position of 25,000 contracts, matching the existing COMEX copper spot-month limit, along with a lower accountability threshold. Like the equity product, it settles exclusively in cash.

Both contracts would trade nearly continuously from 6:00 p.m. Eastern Time on Sunday through 5:00 p.m. Eastern Time on Friday. Price alignment with the underlying would be maintained through periodic funding payments exchanged between long and short positions. Funding calculations incorporate a small deadband and a maximum clamp to limit extreme transfers.

Regulatory Path and Prior Approvals

The filings were submitted under the CFTC’s voluntary product review process. Kalshi has stated it intends to list the contracts only after receiving Commission authorization. Broad-based equity index futures fall under exclusive CFTC jurisdiction, so no separate Securities and Exchange Commission approval is required for the US500 product.

These submissions follow the agency’s May 29 approval of Kalshi’s Bitcoin perpetual futures, the first such contract authorized for U.S. traders. That product launched in early June and was later joined by contracts on Ether, XRP and additional digital assets. Filings for gold, silver and platinum perpetuals came in July. The equity index and copper proposals therefore extend the same structure into stocks and industrial metals within roughly three months of the initial crypto approval.

Legal Challenge from CME Group

The expansion occurs against the backdrop of an unresolved lawsuit. In June, CME Group filed suit against the CFTC and its chairman, contending that perpetual contracts meet the legal definition of swaps rather than futures under the Commodity Exchange Act and related legislation. The exchange argues the absence of a fixed expiration and the presence of ongoing funding payments place the products outside the futures category.

Kalshi and the CFTC maintain the contracts qualify as futures. The case remains pending in federal court. No ruling has yet altered the regulatory pathway used for the Bitcoin product or subsequent filings. A decision classifying perpetuals as swaps could impose different clearing, margin and reporting requirements and affect the viability of the newest proposals.

Market Context and Expansion Pace

Perpetual futures originated as a concept decades earlier but gained widespread use in offshore crypto markets, where they now account for the large majority of derivatives volume. Onshore approval has allowed Kalshi to capture a regulated share of that activity. Open interest on its crypto perpetuals remains modest relative to major offshore platforms, yet notional volume has grown rapidly since the Bitcoin launch.

Copper was selected in part because of its role in industrial and technology demand, including applications tied to data centers and computing infrastructure. The equity product offers continuous, leveraged exposure to a broad U.S. large-cap benchmark without the need to roll traditional quarterly futures.

The CFTC has not indicated a timeline for completing its review of the two filings. Until authorization is granted, neither contract can begin trading. The outcome will test how far the agency is prepared to extend the perpetual futures framework from digital assets into equity indexes and physical commodities while the related litigation continues.