Kalshi files for perpetual futures on US stocks and copper

On August 18, 2026, Kalshi filed proposals with the CFTC to launch perpetual futures tracking the MerQube US Large Cap Index and spot copper. This marks the first attempt to bring the never-expiring crypto contract structure into traditional equities. The filings build on Kalshi's May 2026 approval for bitcoin perpetuals, which surpassed $5.5 billion in volume within two weeks. However, CME Group is suing the CFTC over the format, arguing these contracts are legally swaps rather than futures.

Kalshi perpetual futures filings

• ▪Kalshi's proposed COPPERPERP contract would cover 1,000 pounds of copper priced off the Pyth Network XCU/USD data feed.
• ▪Kalshi filed for perpetual futures on gold and silver in July 2026, prior to submitting its stock index and copper proposals on August 18, 2026.
• ▪Kalshi proposed that both the US500 and COPPERPERP contracts would clear through its in-house clearinghouse, Kalshi Klear, and trade continuously from Sunday evening to Friday afternoon.
• ▪Kalshi submitted proposals to the Commodity Futures Trading Commission on August 18, 2026, to launch perpetual futures contracts tied to a US large-cap stock index and copper.
• ▪Kalshi's proposed US500 contract would track the MerQube US Large Cap Index, which measures the performance of 500 US-listed, US-domiciled large-cap companies.

Perpetual futures contract structure

• ▪Perpetual futures contracts have no fixed expiration date, allowing traders to hold positions indefinitely while exchanging periodic funding payments to align contract prices with the underlying market.
• ▪Economist Robert Shiller originally proposed the structure for perpetual futures trading in 1993, though the product later gained broader recognition within the cryptocurrency market.
• ▪Researchers from Cornell University estimate that perpetual futures comprise 93% of the entirety of cryptocurrency derivatives trading.

CFTC regulatory approval process

• ▪Kalshi's stock index and copper filings were submitted under Regulation 40.3, requiring explicit Commodity Futures Trading Commission approval before the contracts can be launched.
• ▪The Commodity Futures Trading Commission approved Kalshi's bitcoin perpetual futures contract in late May 2026, marking the first approval of such a contract on a regulated United States exchange.
• ▪Kalshi's bitcoin perpetual futures contract launched on June 3, 2026, and surpassed $5.5 billion in trading volume within its first two weeks, according to Kalshi Chief Executive Officer Tarek Mansour.

CME Group lawsuit

• ▪CME Group filed a lawsuit against the Commodity Futures Trading Commission in June 2026, alleging the agency violated the Commodity Exchange Act by approving perpetual futures for Kalshi and Coinbase.
• ▪Kalshi and the Commodity Futures Trading Commission dispute CME Group's allegations, maintaining that perpetual contracts are futures contracts without a fixed expiration date.
• ▪CME Group argues in its lawsuit that perpetual contracts are swaps rather than futures because they exchange funding payments and transfer price risk without a set delivery date.

Crypto-native products in equities

• ▪A 2026 report by Coinbase Institutional suggests that equity perpetual futures could become the preferred choice for a new generation of retail traders due to constant accessibility and capital efficiency.
• ▪BitMEX, the cryptocurrency exchange that invented the offshore perpetual swap in 2014, announced in July 2026 that it will close by September 23, 2026.

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