CFTC Approves Perpetual Stock Futures in the US: Kalshi Begins Trading

The U.S. Commodity Futures Trading Commission (CFTC) announced the possibility of trading perpetual futures on individual company stocks on regulated American exchanges. The relevant statement was published by the agency's chairman, Michael Selig, on November 3, 2026.

The new instruments fall under the category of security futures products and are subject to joint oversight by the CFTC and the U.S. Securities and Exchange Commission (SEC).

For their listing, the platform must be registered with the CFTC and have the required registration with the SEC as provided by law. Additionally, exchanges are required to comply with the requirements for the contracts themselves, position margining, and trading organization.

How Perpetual Stock Futures Work

Unlike standard futures, perpetual contracts do not have a fixed expiration date. A trader can maintain a position without the need to regularly roll over to the next contract. Special settlement mechanisms, including periodic payments between market participants, are used to maintain the link between the derivative price and the underlying stock value.

Perpetual futures allow opening positions on the rise or fall of stock prices without directly purchasing them. However, the trader does not become a shareholder of the company and does not receive corresponding corporate rights.

Such instruments are widely used on cryptocurrency exchanges. Now, U.S. regulators are allowing the application of a similar format to traditional securities within the framework of existing legislation.

Kalshi Launched First Stock Contracts

On November 5, the trading platform Kalshi announced the launch of perpetual futures on individual American company stocks. Among the first underlying assets were shares of McDonald's, Costco, Qualcomm, and Amgen. Subsequently, the platform announced the possibility of trading contracts related to the stocks of more than 50 companies. However, the availability of a specific instrument depends on the platform's rules, client status, and trading access conditions.

Previously, the CFTC had already allowed the listing of a perpetual bitcoin futures on a regulated American exchange. The new decision expands the application of this structure beyond the cryptocurrency market.

Regulatory Decision Challenged in Court

The admission of perpetual stock futures has sparked objections from some traditional financial market participants. In early November, Capital Markets Alliance, which includes organizations associated with Cboe and Citadel Securities, filed a lawsuit in federal court demanding the annulment of the CFTC's decision.

The plaintiffs argue that perpetual contracts on individual stocks should be considered as security-based swaps, which are subject to a different legal regime.

On November 3, the court refused to temporarily suspend the permits, as the applicants failed to demonstrate immediate irreparable harm. However, the judge preliminarily found the legal arguments against classifying the contracts as futures deserving of serious consideration. A final decision on the merits of the dispute has not yet been made.

What Risks Remain for Traders

Michael Selig views the admission of perpetual contracts to American exchanges as an opportunity to bring part of the derivatives trading into a regulated environment.

However, the oversight by the CFTC and SEC does not eliminate market risks. The use of leverage can increase both profits and losses, and insufficient margin can lead to forced position closure. Additional concerns are related to contract liquidity, settlement prices, trading hours, and adjustments for corporate events, including stock splits and dividend payments.

Thus, perpetual stock futures have already begun to appear on American regulated platforms, but further conditions for their circulation will depend on both regulatory requirements and the outcome of the ongoing legal proceedings.