Kalshi, the CFTC-regulated exchange that launched the first US-approved Bitcoin perpetual futures in May, has now filed to offer the same never-expiring contracts on a major US stock index and copper. The filing, submitted this week, argues the products are futures, not swaps — a distinction that sits at the heart of a lawsuit from CME Group.
The new filing
Kalshi's latest application covers perpetual futures on a major US stock index and copper, following its gold and silver filings last month. The exchange argues these contracts meet the definition of a futures contract, citing standardized contract sizes, central clearing, and margin requirements. The CFTC has not set a timeline for reviewing the stock index filing.
The CME fight
CME Group is suing over crypto perpetuals, arguing they are swaps, not futures. Kalshi and the CFTC disagree. The outcome of that lawsuit will likely determine how quickly leveraged, never-expiring stock exposure reaches American traders. If CME wins, Kalshi's stock index perps could face a much longer regulatory slog.
End of an era for offshore perps
BitMEX, which invented offshore crypto perpetual swaps in 2014, announced its closure in July, with operations ending by September 23. That signals the end of the offshore perp era, as regulated venues like Kalshi take over. The shift is stark: what started as a niche product for crypto traders is now moving into mainstream commodities and equities.
Early traction
Kalshi's Bitcoin perp crossed $1 billion in trading volume within its first week and $5.5 billion within two weeks of its June 3 launch. That's a strong start, but the stock index product faces a different regulatory battle. The exchange is clearly betting that the same model can work beyond crypto.
The CFTC hasn't set a timeline for reviewing the stock index filing. The CME lawsuit will likely decide how fast these products reach American traders. For now, Kalshi is pushing ahead.
