Prediction market platform Kalshi has filed with the Commodity Futures Trading Commission (CFTC) seeking approval to launch perpetual futures contracts, or 'perps,' tied to equity indexes, specifically the MerQube U.S. Large Cap Index, which tracks the largest 500 U.S.-listed companies [1]. This move follows Kalshi's recent regulatory approvals for perps tied to cryptocurrencies in late May and its July proposal to expand into precious metals such as gold and silver. The latest filing also includes a request for perps tied to industrial metal copper [1].
Perpetual futures are contracts without expiration dates, allowing traders to gain exposure to assets without owning them, with funding payments used to keep contract prices aligned with market values [1]. Kalshi reported that global volume for perps exceeded $90 trillion in 2025, and its own perpetual futures crossed $1 billion in notional volume within a week of launch, according to CNBC [1].
The introduction of domestic perps has unsettled traditional exchanges. Stocks of CME Group and CBOE Global Markets fell in early June after the initial approval of cryptocurrency perps, amid concerns about increased competition for traditional futures contracts. CME responded by suing the CFTC in federal court over the approval of the asset [1]. However, following Kalshi's latest filing for equity index perps, shares of traditional exchanges rebounded, with CME up 2% and CBOE rising 0.8% in early Tuesday trading [1].
At a June event, Kalshi emphasized its ambition to become a comprehensive, multi-asset financial exchange. Kalshi engineer Lior Hirschfeld stated, 'This is the next step towards building the largest exchange on the planet' [1].
CONCLUSION
Kalshi's regulatory filing to launch perpetual futures on U.S. equity indexes marks a significant expansion into traditional exchange territory, intensifying competition in the futures market. While initial approvals for perps led to declines in traditional exchange stocks, the latest filing saw a positive market reaction, with CME and CBOE shares rising. The development underscores Kalshi's ambition to become a major multi-asset exchange.