Sources: Kalshi plans to seek US regulatory approval to start offering single-stock perpetual futures; Coinbase filed similar regulatory paperwork last week
Context & Ripple Effects
Kalshi's reported move extends an expansion already visible in its margin-trading license and its stated plan to offer regulated perpetual futures. Coinbase and Kalshi had also introduced perpetual crypto futures in May, establishing a shared starting point for derivatives products on domestic venues.
The new regulatory push would take that contest from crypto-linked contracts toward individual equities. Coinbase's filing is confirmed; Kalshi's intended filing is reported by sources and remains unconfirmed.
First-order effects
- Coinbase has put a single-stock perpetual-futures proposal before US regulators, while Kalshi is reportedly preparing to seek comparable approval.
- The two platforms' product competition shifts toward regulatory filings and contract design before either can offer the proposed equity-linked instruments.
Second-order effects
- Kalshi's earlier move into margin and perpetual futures means a single-stock filing would broaden its overlap with Coinbase beyond prediction markets and crypto trading.
- Regulators become the near-term gatekeepers for both companies' equity-linked perpetuals, making approval terms central to which platform can launch and on what basis.
Third-order effects
- If regulators permit these products, Kalshi's path from regulated perpetual-futures plans toward single-stock contracts would further blur the boundary between prediction-market platforms and derivatives exchanges.
- A parallel filing track from Coinbase and Kalshi points to competition among US-regulated venues increasingly being decided by which derivative categories regulators allow them to list.
The trend: US-regulated trading platforms are extending perpetual futures from crypto into additional asset classes, with regulatory approval defining the competitive perimeter.