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Kalshi has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to offer S&P 500 stock index perpetual futures, marking another major expansion for the regulated prediction market platform.
The approval allows Kalshi to move deeper into traditional derivatives and compete with established futures exchanges such as CME Group and Cboe Global Markets.
Kalshi filed its US500PERP contract with the CFTC in August. The cash-settled perpetual futures product will track the MerQube US Large Cap Index, giving traders the ability to take long or short exposure to the S&P 500 without dealing with a fixed expiration date.
Unlike conventional futures contracts that settle on predetermined dates, perpetual futures remain open indefinitely. Kalshi's product will use periodic funding payments to help keep its price aligned with the underlying reference index, a mechanism widely used in cryptocurrency perpetual futures markets.
The CFTC-registered designated contract market has rapidly expanded beyond its core prediction market business. Kalshi already offers 19 cryptocurrency perpetual futures, including contracts tied to Bitcoin, Ethereum and XRP. It has also expanded into commodities with gold and silver perpetual futures.
Kalshi's entry into stock index perpetuals could intensify competition in the U.S. derivatives market. CME previously sued the CFTC over its decision to allow Kalshi and Coinbase to list crypto perpetual futures, arguing that Bitcoin perpetual contracts should be classified as swaps rather than futures.
The platform is continuing to broaden its offerings. Kalshi recently launched Uniswap (UNI) perpetual futures and has filed with the CFTC to introduce perpetual contracts linked to individual stocks.
Kalshi is also seeking regulatory approval to provide margin trading for qualifying event contracts. The proposal would cover eligible contracts tied to economic, financial, political, commercial and other objectively verifiable events.
With S&P 500 perpetual futures now approved, Kalshi is positioning itself beyond prediction markets and crypto derivatives, potentially challenging established exchanges for a larger share of U.S. derivatives trading.
