Kalshi seeks US approval for single-stock perpetual futures on Tesla, Apple, and Nvidia

Kalshi, the New York-based derivatives exchange that built its name on prediction markets, is pushing into territory that will make both Wall Street and crypto traders pay attention. The company plans to file for regulatory approval to list perpetual futures contracts on individual stocks, starting with some of the largest names in the market: Tesla, Apple, and Nvidia. Perpetual futures, or “perps,” have been the bread and butter of crypto exchanges like Binance and Bybit for years. Kalshi wants to take a product born in crypto markets and apply it to the most liquid equities on Earth. What Kalshi is actually proposing The filing, expected to land at both the CFTC and SEC, would cover around 60 stock- and ETF-linked perpetual futures products. Each contract would represent 100 shares, with a minimum margin requirement of roughly 15% of the notional value. To qualify for listing, underlying stocks would need a minimum market cap of $100B and an average daily trading volume of at least $450M. That effectively limits the initial universe to mega-cap names. The contracts would trade 23 hours a day, five days a week, and settle in cash with no physical delivery. Unlike standard futures,...