Kalshi Joins Coinbase in Perpetual Futures Push for US Stocks

Summary

• KalshiEX submitted a proposed rule change to the SEC on September 18, 2026, to offer perpetual futures on individual US stocks.
• The filing mirrors Coinbase's earlier request and seeks to treat the contracts as security futures products cleared through Kalshi's CFTC-registered clearinghouse.
• Approval remains uncertain because of ongoing CME litigation against CFTC policy on perpetuals.

KalshiEX filed a proposed rule change with the SEC under File No. SR-KALSHIEX-2026 on September 18, 2026. The exchange wants to list perpetual futures on individual US stocks. It sent the same proposal to the CFTC at the same time.

This move puts Kalshi right next to Coinbase. Traders want 24/7 leveraged bets on single stocks.

Context

Kalshi and Coinbase filed with the SEC and CFTC in September 2026. The moves heat up the race to launch single-stock perps. Traders keep pushing for round-the-clock equity exposure outside normal hours.

Perpetual futures started in crypto. They let users hold leveraged positions with no expiration. The companies want to copy that model for US stocks using current rules on security futures.

Details

Kalshi said the contracts would count as security futures products. It plans to clear them through its CFTC-registered clearinghouse, Kalshi Klear. The SEC filing spells out the offer on individual US equities. Coinbase took a similar route earlier that month.

"KalshiEX filed a proposed rule change with the SEC under File No. SR-KALSHIEX-2026."

, SEC filing

CME sued the CFTC on June 18, 2026. The case sits in the US District Court for the District of Columbia. It questions the CFTC's view of perpetuals as futures.

This lawsuit shapes the road ahead for both Kalshi and Coinbase. The SEC and CFTC filings mark the first formal attempts to link crypto-style equity derivatives with traditional single-stock futures rules. Staff at the agencies now have to check how the products fit existing frameworks.

Outlook

Regulators will review the proposals while the CME litigation continues, leaving the timeline for launch dependent on the outcome of both the court case and agency decisions.