Three digital asset industry players have jointly submitted applications to regulators to bring crypto trading mechanisms to conventional equity instruments. Prediction market platform Kalshi filed proposed rule changes with the Securities and Exchange Commission and forwarded them to the Commodity Futures Trading Commission. The filing focuses on offering perpetual futures contracts on individual US stocks.
Kalshi’s filing follows Coinbase’s official move to register individual stock perpetual contracts on the same day. Payward, the parent entity behind crypto exchange Kraken, is also seeking similar operational approval through the Bitnomial Exchange platform to offer US stock perpetual trading access.
The series of equity derivative filings comes just days after a crypto market structure bill known as the CLARITY Act failed to advance in the US Senate.
Adopting Expiration-Free Mechanisms
The single-stock perpetual futures contracts pushed by the exchanges are specifically designed without expiration dates. The system maintains price alignment between the contract and the spot market via a funding rate mechanism, which is a periodic funding fee settled between long and short position holders.
Payward aims to launch 10 of the most popular US equity contracts in the initial market rollout. The target list includes major tech companies such as Tesla, Nvidia, Apple, Microsoft, and Amazon. All new contracts are slated to trade 24 hours a day, five days a week.
Clearing Under Regulatory Oversight
Kalshi emphasized that its proposed stock perpetual contract format will be structured as security futures products. All transaction settlements are slated to be cleared through Kalshi Klear, its clearinghouse licensed by the CFTC.
In May 2026, Kalshi secured authorization from the CFTC to launch its first crypto perpetual trading via Bitcoin. The derivative operational license was subsequently expanded to cover other digital asset classes such as Ether, Solana, and XRP.
The business portfolio expansion by the three crypto exchanges highlights an industry maneuver in response to regulatory stagnation. Rather than waiting for dedicated digital asset legislation to pass, players are shifting their market approach by bringing crypto derivative mechanisms directly into traditional equity systems. Reported by Cointelegraph.
Also read: How to Read Candlestick Charts for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
