Kalshi, the CFTC-regulated exchange known for prediction markets, has filed to list perpetual futures contracts tied to a U.S. large-cap stock index and copper. The two filings, submitted August 18, push the platform further into mainstream financial products.
Two new contracts
The filings cover US500, a perpetual futures contract based on a U.S. large-cap stock index, and COPPERPERP, a perpetual futures contract for copper. Perpetual futures are a type of derivative that doesn't have a set expiration date, allowing traders to hold positions indefinitely. KalshiEX LLC, the exchange's operating entity, is a CFTC-registered designated contract market, which gives it the authority to list these products.
From prediction markets to derivatives
Kalshi built its name on event contracts — wagers on things like election outcomes, Federal Reserve decisions, and economic data releases. The new filings mark a deliberate step beyond that niche. By moving into perpetual futures on a stock index and an industrial metal, the exchange is positioning itself as a broader derivatives venue, not just a place for political or economic speculation.
Regulatory path
As a designated contract market, Kalshi can self-certify new products, but the CFTC still has a review window to object. The agency hasn't indicated a timeline for a decision on either filing. The exchange has not said when it expects to launch the contracts if approved.
The filings are the latest sign of Kalshi's ambition to compete with traditional futures exchanges. Whether the CFTC lets them through — and how quickly — will determine if these perpetual futures reach the market.
