TREE NEWS update: Kalshi has filed a proposed rule change with the U.S. Securities and Exchange Commission to add Chapter 14 to its rulebook and list perpetual securities futures with no fixed expiry date. The contracts would use periodic funding rates between longs and shorts to anchor prices near the spot price of underlying U.S. stocks or ETFs, and would be cleared by Kalshi Klear. Underlyings must have more than 20 million deliverable shares, a market cap of at least $100 billion and six-month average daily volume of at least $450 million; most contracts would be sized at 100 shares.
Kalshi Files SEC Rule Change to List Perpetual Stock Futures
AI take
Kalshi's move pushes a derivatives structure native to crypto — perpetuals with funding-rate anchoring — into the regulated U.S. equity market, a notable convergence of trading mechanics rather than just a new product line. The eligibility thresholds confine it to the largest, most liquid names, so the near-term relevance sits with venues and clearing infrastructure as much as with issuers. Whether the SEC accepts the funding-rate model for securities, and whether Kalshi Klear's role draws further scrutiny, is the open question to watch.
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