Equity Derivatives

KalshiEX has asked the Securities and Exchange Commission to approve listing standards for perpetual futures on 58 US stocks and exchange-traded funds, a structure borrowed directly from crypto trading venues. The filing, published September 18, under File No. SR-KALSHIEX-2026-02, does not put any contracts live and still requires separate sign-off from the Commodity Futures Trading Commission.

• KalshiEX filed proposed listing standards for perpetual security futures tied to 58 stocks and ETFs.
• The filing was published September 18, 2026 under SEC File No. SR-KALSHIEX-2026-02.
• The CFTC has not approved the rule change, and no contracts are trading yet.

• 58 stocks and ETFs named in the proposed rule filing
• Sep 18 filing date
• 2026-02 SEC file number assigned to the filing

KalshiEX filed the proposal. The document sets out listing standards for perpetual security futures on 58 named stocks and ETFs, contracts that would trade without a fixed expiration date, unlike the standard options and futures products currently available on US equities.

Kalshi Targets 58 Stocks and ETFs for Perpetual Contracts

Perpetual futures are already a core instrument in crypto markets, where positions stay open indefinitely and a funding-rate mechanism keeps contract prices tethered to the underlying spot asset. No US equity venue currently offers that structure on individual stocks, which makes KalshiEX’s proposal, detailed in the filing submitted to the SEC, a notable attempt to import crypto-market plumbing into regulated equity trading.

The 58 names covered by the proposal give the filing scale beyond a pilot program, though the document itself functions only as a regulatory framework. It does not activate trading, set a launch date, or guarantee that all 58 instruments will eventually list.

CFTC Sign-Off Still Missing, So Nothing Is Trading

The filing explicitly states that the CFTC has not yet approved the proposed rule change, which matters because perpetual futures on securities sit at the intersection of SEC and CFTC jurisdiction. That dual-regulator dependency is the clearest reason the September 18 filing should not be read as a product launch.

KalshiEX has cleared only the first procedural step. Trading cannot begin until the CFTC completes its own review, a timeline the filing does not specify.

Approval Would Blur Prediction Markets and Derivatives Trading

If the CFTC ultimately approves the structure, KalshiEX would be operating a hybrid that sits between a prediction-market platform, a traditional derivatives exchange and a crypto-style perpetual venue. That convergence echoes a broader push to bring tokenized and crypto-native trading mechanics onto regulated US market infrastructure, a trend also visible in efforts to bring tokenized stocks into DeFi.

The regulatory backdrop is also shifting. Congress has been working through market-structure legislation described in our coverage of the CLARITY Act’s window, and policy discussions from the White House crypto summit have touched on how derivatives products bridging crypto and traditional markets should be treated.

The CCS read. The interesting signal here is not the 58 tickers but the docket number itself: a second SEC filing in a single year suggests KalshiEX is treating perpetual-style products as a repeatable business line, not a one-off experiment. Institutional desks should watch whether the CFTC’s eventual review sets a template other exchanges can copy, since that precedent matters more than any single stock on the list.

The next concrete step belongs to the CFTC, which must act on the proposed rule change before any of the 58 contracts can list. Until that approval lands, KalshiEX’s perpetual security futures remain a filed proposal rather than a tradable product.