Unlike conventional futures, perpetual futures do not expire and use periodic funding payments between long and short traders to help keep the contract’s price aligned with the underlying index.
Kalshi filed with the Commodity Futures Trading Commission in August to offer the product.
“Stock market exposure is the next step towards Kalshi becoming a full-service financial exchange, and perps are the best way for our traders to get this exposure,” CEO Tarek Mansour said in a statement.
The launch marks another step in Kalshi’s expansion beyond the event contracts that built its business, including markets tied to elections, sports and other real-world outcomes.
The company has also been moving into more conventional derivatives markets. Reuters reported last month that Kalshi is preparing to file with US regulators for a perpetual contract tracking West Texas Intermediate crude oil.
The expansion puts Kalshi more directly into competition with traditional exchange operators as it builds products spanning prediction markets and financial derivatives.
