Kalshi filed a request to introduce perpetual futures dependent on the fortune of specific American stocks, and Coinbase joined the fray to battle for the dominance in crypto-like derivatives market for traditional shares.
The prediction market filed the proposed rule change with the Securities and Exchange Commission and submitted it to the Commodity Futures Trading Commission (CFTC) for approval on Friday.
The CFTC has yet to approve the proposal. The proposed contracts would have no preset expiration date and would use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks.
Kalshi said the contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear.
Source: sec.gov
The filing comes on the same day that Coinbase succumbed its own proposal to offer perpetual futures tied to individual US stocks, as both corporations look to bring a derivatives product popular in crypto markets to traditional equities.
Kalshi already offers perpetual futures tied to cryptocurrencies in the US, including Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP), after getting CFTC approval for its Bitcoin perpetual contract in May.
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