Kalshi has launched single-stock perpetual futures in the United States, the first product of its kind on a regulated American exchange. Traders can now bet on the price of more than 50 major stocks without owning a single share.
The contracts track the price of individual stocks listed on the New York Stock Exchange and Nasdaq. The lineup includes McDonald’s, Palantir, Meta and SpaceX, according to Kalshi. Traders can go long or short, and the contracts never expire.
Perpetual futures work differently from ordinary futures. There is no expiry date, no strike price and no rollover fee. Instead, traders pay or receive a daily funding payment tied to the stock’s price.
Kalshi said the product operates under the joint oversight of the Commodity Futures Trading Commission and the Securities and Exchange Commission. Leverage is capped under CFTC rules and sits well below the levels offered by offshore platforms, the company said.
Early trading topped $300 million before the product was formally announced, Crypto Briefing reported, citing co-founder Luana Lopes Lara. Kalshi announced the launch on 5 November.
The arrival of stock perps brings a product that has already moved more than $4.5 trillion a year on offshore platforms into the regulated US market, according to Kalshi.
Source: The New York Times
