KalshiEX has filed proposed rules for perpetual security futures tied to 58 U.S. stocks and ETFs, but the contracts remain unavailable while CFTC approval is pending.
Key Points:
- The SEC published filing SR-KALSHIEX-2026-02 on Sept. 18, covering proposed listing standards for 58 stocks and ETFs.
- Contracts would have no preset expiration date and use recurring funding payments to track underlying equity prices.
- CFTC approval remains pending, so trading has not started.
Kalshi Filing
The SEC published KalshiEX's proposed rule change on Sept. 18 under File No. SR-KALSHIEX-2026-02, opening a public comment process on new standards for perpetual security futures. The filing is procedural, not a launch.
Kalshi proposes a new Chapter 14 for its rulebook, covering contracts that track an underlying equity security without a pre-specified expiration date. Long and short holders would exchange periodic funding payments based on the gap between the perpetual contract and the underlying security, a mechanism designed to pull the two prices closer together. The contracts would settle in cash.
The SEC notice says Kalshi submitted the same rule change to the CFTC on Sept. 18, and the CFTC's current product database lists Kalshi single-stock perpetual filings as awaiting approval.
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Citadel Securities Concerns
The proposal would extend a trading structure popular in crypto into U.S. equities, where regulators already divide oversight between securities and derivatives markets. That makes market surveillance a central issue.
In a Sept. 9 comment letter on equity-linked derivatives, Citadel Securities argued that moving these products outside the SEC framework could fragment cross-market oversight and create a "parallel shadow market" tied to U.S. equities.
The firm also pointed to investor protections covering execution quality, trading access and coordinated halts, while urging regulators to clarify how perpetual equity products should be classified. Its comments predated Kalshi's Sept. 18 filing.
Kalshi already has experience with perpetual futures: the CFTC approved its Bitcoin (BTC) perpetual contract on May 29, classifying it as a futures contract after reviewing the product. The regulator also said perpetual design may not suit every asset class, leaving equity-linked contracts subject to separate review.
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