Kalshi's 58-stock perpetual filing would list Apple, SpaceX, SPY and QQQ at 100 shares a contract

Kalshi has submitted a proposal to the CFTC for perpetual futures tied to 58 equity instruments, including Apple, SpaceX, SPY and QQQ, according to an Alea Research note published by TechFlow. The September 18 filing would expand the exchange’s offerings into security futures, but the proposed contracts are not trading and have no scheduled launch date.

What the filing covers

The proposed lineup consists of 55 common stocks, Alibaba ADRs and the SPY and QQQ funds. It includes ExxonMobil as well as Apple and SpaceX. Each contract would represent 100 shares, with a minimum client margin of 15.50% of current market value, set by the exchange rather than by traders, according to TechFlow.

These instruments fall under both SEC and CFTC oversight. The note reports that Kalshi registered as a national securities exchange through notification to trade security futures, sought CFTC approval for the products and self-certified the associated rule provisions. No public announcement accompanied the submission.

The application follows an expansion of Kalshi’s existing perpetual futures business. According to TechFlow, the exchange launched those products on May 29 and introduced gold and silver on September 10 as its first non-crypto perpetual contracts. Existing perpetuals generated $7.62 billion in traded notional value during the period examined, up 8.6%. That exposure measure is distinct from the cash paid to trade event contracts.

A broader offering, with sports still dominant

The filing arrived two days after a decision in Blue Lake Rancheria v. Kalshi. According to TechFlow, the Ninth Circuit Court characterized Kalshi’s sports event contracts as sports gambling, reversed a ruling denying a preliminary injunction and remanded the case. The court did not order trading to stop, and no products were delisted. Sports and football parlays represented 63.8% of open interest in the note’s analysis.

Meanwhile, Kalshi’s event markets were repricing monetary policy. October rate-hike odds rose from 31% to 55% over nine days, while December contracts stood at 67%, according to TechFlow. Total open interest increased 16.0% to 1.417 billion contracts; excluding football parlays, growth was 8.0%, underscoring how the weekly sports cycle affected the headline figure.

What it means for prediction markets

• A filing is not a launch. The proposed equity contracts remain untraded, with no launch date set. Their joint SEC-CFTC regulatory framework distinguishes them from the exchange’s event contracts.
• Contract specifications matter. Exposure of 100 shares per contract and minimum margin of 15.50% make the proposed products materially different from contracts expressing the probability of a discrete outcome.
• Activity measures need context. Perpetual-futures notional value, event-contract cash turnover and open interest measure different things. Football parlay resets also complicate comparisons of exchange-wide growth.