Kalshi Seeks 24/7 Tesla, Nvidia Perpetual Futures Amid Regulatory Clash
Kalshi wants 24/7 Tesla and Nvidia perps as Wall Street fights over who regulates them
Prediction-market operator Kalshi plans to seek U.S. regulatory approval to list roughly 60 perpetual futures tied to individual stocks and exchange-traded funds, including Tesla, Apple and Nvidia. The Wall Street Journal reported that the products are intended to trade around the clock.
If approved, the contracts would be the first regulated single-stock perpetual futures offered in the United States, bringing a crypto-style derivatives product into U.S. equities and potentially giving traders a domestic alternative to offshore venues.
Perpetual futures, commonly called perps, allow traders to take long or short positions—often with leverage—without an expiration date. Instead of settling at a fixed maturity, traders make recurring payments to one another designed to keep the contract price near the underlying asset it tracks.
Kalshi has not published details on a proposed product list, leverage limits, margin requirements, or a launch timetable. The Journal did not identify a publicly available filing associated with the plan, meaning the proposal remains subject to formal submission and regulatory review.
The push comes as demand for leveraged, single-asset perps continues to show up prominently in crypto markets. Blockworks Research data cited in the materials shows leveraged single-stock perpetual volume on Hyperliquid rising from $4 billion to $212 billion since the start of 2026, highlighting the scale of activity that remains largely outside U.S. securities market infrastructure.
Kalshi’s move also lands in the middle of an increasingly visible dispute over how equity-linked perpetual contracts should be classified and who should oversee them. The materials describe tensions involving the Commodity Futures Trading Commission, the Securities and Exchange Commission, CME Group, and Citadel Securities, with disagreements centered on whether products linked to U.S. securities should fall under SEC oversight, CFTC oversight, or some combination.
Citadel Securities has warned regulators that equity-linked perps operating outside the SEC’s framework could create a “parallel market” with different safeguards, according to the information provided.
Kalshi has been expanding beyond prediction markets and deeper into regulated derivatives. The company received CFTC approval for a regulated bitcoin perpetual in May 2026, and in early September 2026 launched additional crypto perpetual futures that settle in dollars, with leverage up to 4.5×. The Coin Republic report cited in the materials said Kalshi now offers more than a dozen crypto perps, including bitcoin, ether and dogecoin, and added more under its “American Perpetuals” brand.
The broader backdrop includes other efforts to extend crypto-style market structure into traditional assets, including initiatives around tokenized stock trading that aim for 24/7 access. Whether Kalshi can offer equity perps domestically will depend on how regulators decide to treat the contracts and which agency ultimately supervises them.
