Kalshi Plans to Bring Crypto Perpetual Contract Model to US Stocks, Submits Permanent Securities Futures Listing Standards to SEC

September 23: The U.S. Federal Register today published a rule filing notice from KalshiEX LLC (Kalshi). The prediction market platform has submitted a proposed rule change to the SEC and is seeking immediate effectiveness. The change adds Chapter 14 to its rulebook to list "Perpetual Security Futures Products" (Perpetual SFPs). The contracts have no fixed expiration date and use periodic funding fees between longs and shorts to anchor the contract price near the spot price of the underlying U.S. stock or ETF.

Kalshi classifies them as security futures and plans to clear them through its clearing platform Kalshi Klear. The listing thresholds are relatively high: the underlying must have a deliverable supply of more than 20 million shares, a market capitalization of at least $100 billion, and an average daily trading volume of at least $450 million over the past six months. Contract units are mostly 100 shares.