Prediction marketplace Kalshi is preparing to introduce one of cryptocurrency’s most widely traded instruments to the U.S. equities market, with perpetual futures contracts tied to major companies including Tesla, Apple, and Nvidia that would operate around the clock.
Regulatory Filing Planned for Dozens of Contracts
The operator intends to seek regulatory approval for approximately 60 perpetual futures linked to individual stocks and exchange-traded funds, the Wall Street Journal reported late Thursday. If cleared, these would become the first regulated single-stock perpetual futures offered in the United States.
How Perpetual Futures Work
Perpetual futures, commonly known as perps, allow traders to speculate on whether an asset will rise or fall, frequently using leverage, without the contract ever reaching an expiration date. Instead of settling at maturity, traders exchange regular funding payments that keep the contract price anchored to the underlying asset’s spot price.
From Crypto Innovation to Mainstream Markets
Since the soon-to-be-defunct exchange BitMEX launched these products in 2016, perpetual futures have grown into one of the cryptocurrency sector’s largest business lines. Newer platforms such as Hyperliquid now enable traders to take leveraged positions on bitcoin and hundreds of tokens at any hour.
Around-the-Clock Price Discovery
A Tesla perpetual future could continue trading through nights and weekends while Tesla shares on the Nasdaq remain closed, providing a live view of what traders believe the company is worth hours—or even days—before the stock market itself reopens.