Kalshi said on 5 November 2026 that it has launched regulated single-stock perpetual futures in the United States, after a stealth start the same week, according to a Kalshi News announcement. The exchange claims it is the first company in the US to offer the product. Traders can take long or short positions on the price of more than 50 major NYSE and Nasdaq names — including McDonald’s, Palantir, SpaceX and Meta, Kalshi said — without holding the shares and without an expiration date.
A KalshiEX LLC certification filed with the Commodity Futures Trading Commission on 4 November 2026 backs the listing timetable. The filing certifies perpetual security futures products for continuous listing beginning on 5 November, under Commission Regulations 40.2(a) and 41.23(a). The contracts are security futures products; Kalshi is notice-registered with the Securities and Exchange Commission as a national securities exchange for that purpose. Contract terms match a 18 September submission the Commission approved under Regulation 40.3 on 2 November, except that the minimum trading unit is one five-thousandth of a 100-share contract unit (0.02 shares of the underlying).
Two days earlier, CFTC Chairman Michael S. Selig had said equity perpetual futures “can begin trading for the first time on CFTC-registered exchanges,” treating them as security futures under joint CFTC and SEC oversight — a permission TSN covered when no venue or ticker had yet been named. Kalshi’s launch is the first public exchange naming that fills that gap.
How Kalshi frames the product
Kalshi’s pitch is practical rather than theoretical. Single-stock perps track traditional stock prices without share custody, the company said. Going short is as easy as going long, with no special brokerage account, custody arrangement or borrow fee. The contracts are simpler than options — no strikes, Greeks or time decay — and cheaper than dated futures because there are no rollover fees, Kalshi said.
Leverage is available. Kalshi’s wording is specific: leverage levels for all products on Kalshi are approved under strict CFTC regulation, and are significantly lower than offshore perp products. The company also said the contracts do not use payment for order flow (PFOF); instead it charges a small, transparent trading fee.
Co-founder and chief operating officer Luana Lopes Lara called the launch “one of the most consequential products we’ve launched” after more than a year of work. “Just this morning, since the stealth launch, our users traded over $300m,” she said in the Kalshi News piece. That figure is hers alone; TSN is not adding third-party volume estimates.
Kalshi placed the product in a wider sequence: perpetual futures on crypto in May, gold and silver in September, and now single stocks. Globally, it said single-stock perps already transact over $4.5 trillion a year offshore — a company figure for context, not a US volume claim.
Why the filing and the Selig statement matter together
The news is not only a product page. The CFTC certification is the operational step that turns Selig’s 3 November statement into a live listing on a named DCM. In that statement, Selig said the equity perps were “deemed approved” as security futures products under the Commodity Futures Modernization Act of 2000, so both the Commodity Exchange Act and the federal securities laws apply. He framed the move as onshoring activity that had sat on “offshore, and often unregulated, venues.”
That dual box is the compliance point. Brokers and traders dealing in these contracts are in a security-futures regime with two rulebooks, federally prescribed customer margin and exchange surveillance — not an unregulated crypto venue. The same offshore markets have already shown how fast single-name equity perps can move when US cash equities are shut: TSN reported $51.6m of chip-stock perps liquidated in ten minutes on a Saturday. Kalshi’s lower, CFTC-approved leverage claim is aimed squarely at that comparison.
Other US venues have been preparing related products. TSN reported in late October that ICE and Trade[XYZ] plan a US-regulated perps market built on Hyperliquid, pending CFTC approval. Kalshi’s filing does not settle which other designated contract markets SIFMA referred to when it asked for a wider review of equity-perp listings; it only settles that KalshiEX is live with this schedule from 5 November.
What still sits outside the launch notice
Kalshi’s claim to be first in the US is the company’s own. The filing confirms continuous listing from 5 November and the security-futures classification; it does not independently advertise a marketing slogan. SIFMA’s 3 November request that the SEC and CFTC stay or reopen equity-perp filings for public comment remains on the record from the earlier permission story — Kalshi’s announcement does not address that letter.
UK and other non-US readers should treat this as a US-regulated exchange product under CFTC and SEC frameworks. Availability, eligibility and marketing outside the United States are not set out in the Kalshi News piece or the certification letter TSN reviewed.
The next hard checks are operational: which of the “over 50” names are actually quoting day by day, how funding and mark prices behave around US equity opens and closes, and whether the SEC uses any further tools around security-futures listings. For now, the concrete change is narrow and sourced — a named US exchange saying single-stock perpetual futures are trading under the dual regime Selig described two days earlier, with an attributed early volume quote from its COO.
Sources
Primary:
- Kalshi News: Kalshi brings single stock perpetual futures to the U.S., 5 November 2026
- KalshiEX LLC — CFTC certification of perpetual security futures products, 4 November 2026 (PDF)
- CFTC: Statement on Equity Perpetual Futures, Chairman Michael S. Selig, 3 November 2026
Related TSN:
- CFTC Says Equity Perpetual Futures Can Now Trade on US Exchanges
- Chip-Stock Perpetual Futures See $51.6m Liquidated
- ICE Plans US Hyperliquid Perps Venue With Trade[XYZ]
Related stories
- CFTC Says Equity Perpetual Futures Can Now Trade on US Exchanges
- Chip-Stock Perps See $51.6m Liquidated in 10 Minutes on a Saturday
- ICE to Run US Perps Market for Trade[XYZ], Whose Volume Tops $650bn
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