Kalshi files for S&P 500 perpetual futures in challenge to traditional exchanges
The filing would let Kalshi offer leveraged contracts on major U.S. stock indexes without fixed expirations, expanding its push beyond event markets.
- On Tuesday, prediction market platform Kalshi filed with the Commodity Futures Trading Commission to launch equity index perpetual futures, enabling traders to take leveraged positions on stock benchmarks without owning underlying shares.
- This filing advances Kalshi's strategy to compete with traditional exchange operators by expanding into multiple asset classes through perpetual futures, or 'perps,' which allow traders to hold positions indefinitely without expiration dates.
- Kalshi's proposed 'US500' perp would track the MerQube U.S. Large Cap Index, encompassing the 500 largest U.S.-based companies, while the company also sought regulatory approval for perpetual futures tied to industrial metals including copper.
- These offerings place Kalshi in direct competition with traditional exchange operators CME Group and CBOE Global Markets; shares of these exchanges were mixed on Tuesday, continuing volatility following the initial approval of domestic perpetual futures.
- Engineer Lior Hirschfeld said, "This is the next step towards building the largest exchange on the planet," as Kalshi's perpetual futures platform has already crossed $1 billion in notional volume within a week of launch.
12 Articles
12 Articles
ChainCatcher reports that, according to Cointelegraph, prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch a perpetual futures product for stock indices. This product would allow traders to establish leveraged long or short positions in major stock indices without holding the underlying stocks. Perpetual futures, as derivative contracts with no expiration date, facilita…
Kalshi Wants a Never-Expiring S&P 500-Style Contract. CME Says It Has No Future
Kalshi’s application to list a perpetual future on US large-cap stocks doubles as a rebuttal to the lawsuit that could determine whether perpetual contracts belong in CFTC-regulated markets at all. KalshiEX LLC submitted the US500 contract to the CFTC for review on 18 August under the exchange’s voluntary product approval process. The contract tracks the MerQube US Large Cap Index rather than the S&P 500 itself, sidestepping the licensing arrang…
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