Kalshi plans 24/7 Tesla, Apple and Nvidia perps

Kalshi has prepared to seek U.S. regulatory approval for approximately 60 perpetual futures linked to stocks and exchange-traded funds, including Tesla, Apple and Nvidia.
Summary

• Kalshi plans to seek approval for roughly 60 perpetual futures linked to stocks and ETFs.
• Citadel Securities argues equity-linked perps should remain under SEC oversight alongside stocks and listed options.
• Kalshi received CFTC approval for Bitcoin perpetual futures, now challenged by CME in federal court.
• Perpetual futures trade without expiration dates and use funding payments to track underlying asset prices.
• Citadel warns around-the-clock equity derivatives could create surveillance gaps during stock-market closures and trading halts.

The Wall Street Journal reported on Sept. 10 that the prediction-market operator wants to offer the products around the clock. Approval would give U.S. traders access to regulated single-stock perpetual futures without using offshore crypto exchanges.

Kalshi has not published its proposed product list, leverage limits, margin requirements or launch timetable. No related filing was publicly identified in the report, leaving the plan subject to a formal regulatory submission and review.

The proposal enters a dispute involving the Commodity Futures Trading Commission, Securities and Exchange Commission, CME Group and Citadel Securities. Each disagreement concerns how perpetual contracts should be classified and which regulator should oversee products linked to U.S. securities.
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Kalshi would bring 24/7 perps to U.S. stocks

Perpetual futures let traders take long or short positions without a fixed expiration date. Traditional futures expire on scheduled dates, requiring traders to close or transfer their positions into later contracts.

Perps use recurring payments between long and short traders to keep contract prices near their reference assets. When a perpetual contract trades above the reference price, long traders commonly pay short traders. The payment direction can reverse when the perp trades below its reference.

Leverage allows users to control positions larger than their posted collateral. Gains can increase when the market moves in the trader's favor, while adverse movements can trigger forced liquidation.

Kalshi's proposed products would track stocks including Tesla, Apple and Nvidia, according to the Journal. ETFs would form part of the planned group, though the report did not identify specific funds.

Around-the-clock trading would let a Tesla perp continue moving after Nasdaq closes and during weekends. The stock itself generally trades during established exchange sessions, with limited activity available through extended-hours systems.

No company has endorsed a Kalshi contract linked to its shares. A derivative tracking Tesla or Nvidia would not represent ownership in either company, provide voting rights or entitle holders to dividends.

Kalshi would need to establish a reference price, funding mechanism and procedures for corporate actions. Stock splits, dividends, mergers and trading suspensions can change the price or structure of an underlying security.

The company has not said how its contracts would process such events or how prices would be calculated while the primary stock market is closed.

CFTC approval covered Bitcoin, not individual stocks

The CFTC approved Kalshi's BTCPERP contract on May 29 after the company submitted it for review one day earlier. The contract gave eligible U.S. traders regulated access to leveraged Bitcoin exposure without an expiration date.

As crypto.news previously reported, Kalshi launched its Bitcoin perpetual contract following CFTC approval. The authorization applied to the submitted Bitcoin product and did not grant automatic approval for perps tied to other asset classes.

The regulator said perpetual futures linked to different types of assets may require individual assessment. Kalshi's stock products would therefore need separate review because their reference assets fall within securities markets overseen by the SEC.

Kalshi later extended its perpetual-futures business to gold and silver. The company has pursued another contract tracking West Texas Intermediate crude oil, though regulatory authorization for a commodity product does not resolve the treatment of single-stock perps.

The distinction has produced a jurisdictional question. Futures generally fall under CFTC authority, while stocks and securities-based products sit within the SEC's mandate. Some products can involve both agencies depending on their legal structure.

Single-stock futures have previously operated under a joint SEC-CFTC framework. Kalshi's planned contracts would differ by carrying no expiration date and using funding payments to maintain their relationship with the underlying shares.

The CFTC has not announced approval of the planned equity products. Kalshi's reported intention to apply should not be described as authorization or evidence that trading will begin.

Citadel warns of a parallel equity market

Citadel Securities told the SEC and CFTC that perpetual contracts tied to publicly traded companies should remain within securities regulation. Its Sept. 10 letter responded to a joint request concerning how the agencies define and divide financial products.

The trading firm warned that placing equity-linked perps outside SEC oversight could create a "parallel shadow market." Citadel argued that the contracts would still draw their economic value from securities even if they were structured as futures.

Existing securities surveillance connects activity across stocks, listed options and related instruments, according to the firm. Trading a perp through a separate regulatory system could limit regulators' ability to compare orders and positions across connected markets.

Citadel cited insider trading as one potential concern. An employee holding unreleased earnings information could trade a company-linked perp while the stock exchange was closed, subject to the platform's controls and applicable law.

Trading halts present another issue identified in the letter. A stock can be suspended after a major announcement or because of unusual activity, yet an independently operated perpetual contract might continue changing hands unless both venues coordinate their procedures.

Citadel said SEC rules already address order handling, market access and trading suspensions for securities. Comparable safeguards would not necessarily apply in the same form if the CFTC classified a single-stock perp as an ordinary futures contract.

Its letter presents Citadel Securities' regulatory position, not a binding interpretation. The SEC and CFTC have not issued a joint decision covering Kalshi's planned products.

In related coverage, ESMA warned that prediction markets can raise insider-trading and manipulation risks. The European regulator's report concerns prediction platforms and EU access, while Citadel's letter focuses on U.S. equity-market surveillance.

CME lawsuit could affect Kalshi's expansion

CME Group sued the CFTC and Chairman Michael Selig in June over the agency's approval of perpetual futures for Kalshi and Coinbase. The case remains a separate challenge from Citadel's request for SEC oversight of stock-linked products.

CME argues that perpetual futures qualify as swaps under the Dodd-Frank Act. Its complaint asks a federal court in Washington, D.C., to overturn the CFTC's May 29 decision approving Kalshi's Bitcoin contract and the agency's related policy.

The exchange operator claimed the approval caused competitive harm by allowing Kalshi and Coinbase to reach retail derivatives traders under different rules. Kalshi and Coinbase are not named as defendants in the case.

A CFTC spokesperson described the action as "frivolous," while Kalshi said the dispute concerned competition. The quoted responses state the parties' positions and do not resolve the legal classification at issue.

Perpetual-futures trading volume increased 29% to $61.7 trillion during 2025, according to CryptoQuant data cited by Reuters. The figure mainly represents global crypto derivatives and does not measure expected demand for U.S. stock perps.

The federal court has not issued a final ruling determining whether the approved Bitcoin product is a future or swap. A decision against the CFTC could affect the legal foundation Kalshi would use when seeking permission for its stock and ETF contracts.

Even if the CFTC accepts Kalshi's applications, SEC involvement may depend on the final product structure. Neither agency has announced a deadline for reviewing the proposed contracts, and Kalshi has not stated when it expects to file them.
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