Kalshi plans to seek regulatory approval for the first regulated U.S. perpetual futures tied to individual stocks like Tesla, Apple, and Nvidia. This move could introduce 24/7 leveraged trading on major equities to the U.S. market, potentially increasing both opportunities and risks for investors.
Kalshi, a prediction-market platform, is reportedly seeking approval to launch regulated perpetual futures on approximately 60 major stocks and ETFs, including high-profile names like TSLA, NVDA, and AAPL. This initiative follows their recent success in gaining CFTC approval for crypto perpetuals. If approved, this would allow 24/7 leveraged trading on these equities in the U.S., a significant development for retail and institutional traders. While it offers new avenues for exposure and hedging, critics warn about the magnified risks due to leverage and continuous trading, especially for individual investors. The regulatory path is complex, requiring approval from both the SEC and CFTC, and faces opposition from established players like CME Group, who are already litigating against Kalshi's crypto perpetuals. Short-term, this creates regulatory uncertainty and potential for market structure changes; long-term, it could fundamentally alter how investors access and trade major U.S. stocks, presenting both a significant opportunity for Kalshi and a potential risk for investors unprepared for leveraged, non-expiring products.