Kalshi Launches US 500 Perpetual Future With No Expiration

Kalshi's move pushes a perpetual, funding-based structure — long the norm in offshore crypto derivatives — into a regulated US venue and onto a stock index rather than a token. That matters less for the contract itself than for the precedent: perpetuals have historically sat outside US retail access, and applying them to an equity benchmark blurs the line between crypto-style trading mechanics and traditional index exposure. The open questions are how the funding mechanism behaves under stress and whether US regulators and competing venues treat this as a template or an outlier.