Kalshi plans to introduce a cryptocurrency perpetual contract model to the US stock market: submitting permanent securities futures listing standards to the SEC

The Federal Register of the United States published today a rule filing notice from KalshiEX LLC (Kalshi), stating that the prediction market platform has submitted a proposed rule change to the SEC, claiming immediate effectiveness. The content is the addition of Chapter 14 to the rules manual, aimed at listing "Perpetual Securities Futures Products" (Perpetual SFPs).

The contracts have no fixed expiration date, and the contract price is anchored near the spot price of the underlying U.S. stocks or ETFs through periodic funding fees from both long and short parties. Kalshi qualifies it as a securities future, planned to be cleared by its clearing platform Kalshi Klear. The listing threshold is relatively high, requiring the underlying to have a deliverable supply of over 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, with contract units mostly being 100 shares.