Invest2 distinct publishers3 min readPublished
Two filings dated August 18 would import the structure behind an estimated 93% of crypto derivatives volume into equities and metals. Neither is approved, and the book is still small.
The Investor · Invest desk
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On August 18, Kalshi filed two proposals with the CFTC to list perpetual futures on a major US stock index and on copper [1]. If the agency clears them, the contract type that Cornell University researchers estimate accounts for 93% of all crypto derivatives trading [2] stops being a crypto artefact and becomes a listed product in regulated traditional markets.
The mechanics are the point. A perpetual has no expiry, so a leveraged position can be held indefinitely without rolling, and periodic funding payments keep the contract price tethered to the underlying [3]. That design is not a crypto invention: the economist Robert Shiller proposed a perpetual futures structure in 1993, writing that "a perpetual futures contract is proposed that would cash settle every day" [4][5]. Crypto is simply where it found volume [6].
The specifics of the filings are more interesting than the headline. The US500 contract would track the MerQube US Large Cap Index, the 500 largest US-listed companies weighted by float-adjusted market cap [7]. COPPERPERP would reference the current price of copper in dollars per pound using the Pyth Network's XCU/USD feed [8]. So a CFTC-regulated metals contract would settle off a crypto-native oracle feed, which is the sort of detail that consumes review time. Both filings sit under Regulation 40.3, meaning Kalshi cannot launch until the CFTC affirmatively approves [9].
There is a precedent path here. On May 29 the CFTC greenlit Kalshi's BTCPERP and said other perpetual contracts would be reviewed under Regulation 40.3 [10]. Bitcoin perps launched in early June and were followed by Ether, XRP and others [11]; Cryptopolitan reports Kalshi now offers perpetuals across 13 cryptocurrencies [12]. The equity and copper filings landed 81 days after that first approval [13], which is a fast escalation from one crypto contract to an asset class where retail leverage carries a different political weight.
Size argues for restraint. Cryptopolitan reports Kalshi's daily open interest hit an all-time high of $17.98 million [14]. That is a rounding error next to the venues Kalshi would be competing with, and it means the filings are a bet on structure rather than a defence of an existing franchise. Coinbase Institutional, in its 2026 Crypto Market Outlook, argued that "equity perps could become the preferred choice for a new generation of retail traders," citing constant accessibility and efficient use of capital, and claiming perps are becoming components of lending, collateral and hedging systems rather than just leverage wrappers [15][16][17]. That is a sell-side thesis, not a finding.
What to watch: whether the CFTC treats a 40.3 filing on equities the way it treated one on Bitcoin, and how it handles a settlement price sourced from Pyth. Watch also the litigation overhang. Cryptopolitan notes CME's legal challenge could affect Kalshi's expansion [18]. And watch open interest, because if a regulated equity perp exists and the book stays in the tens of millions, the migration thesis is answered by indifference rather than by regulators.
Ranked by verification strength, evidence, and original report placement.
On August 18, Kalshi, a federally regulated exchange, submitted two proposals to the CFTC for approval of perpetual futures contracts based on a major US stock index and on copper.
Neither product has been approved; the filings fall under Regulation 40.3, so Kalshi must wait for CFTC sanction before launching them.
Kalshi's Bitcoin perps launched in early June and were later joined by Ether, XRP and several other crypto-assets.
Cryptopolitan has reported that Kalshi now offers perpetuals across 13 cryptocurrencies.
Cryptopolitan reported that Kalshi's daily open interest registered an all-time high of $17.98 million (the supplied source text is truncated at "$17.98 mill").
Cryptopolitan notes that CME's legal challenge could affect Kalshi's expansion.
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Evidence-backed comparisons of source perspectives and observed adoption signals. Read the methodology
Which Builder, Operator, and Investor concerns the observed source mix emphasized—not a truth score.
Evidence, demonstrated adoption, hype gap, incentives, and confidence are assessed independently, each on its own current evidence. How these are measured.
Single-outlet account, no primary documents
Every claim rests on one publisher's report. Filing specifics (US500/MerQube, COPPERPERP/Pyth, Regulation 40.3 posture) are internally consistent and dated, but no CFTC docket, filing text, Kalshi statement, CME complaint or the cited Cornell study is linked, the key adoption numbers are the publisher citing itself, and the captured body is truncated mid-FAQ.
Products unapproved; live perp book tiny but ramping
The two contracts at the center of the story do not trade and require CFTC sanction. Adjacent adoption is real but small: crypto perps live since June across a reported 13 assets, with a record $17.98M daily open interest — roughly 0.15% of Hyperliquid — offset by fast ramp ($1B notional in a week of launch).
Framing runs ahead of an unapproved, small book
The narrative of crypto exporting its dominant market structure into equities and commodities, reinforced by a vendor forecast that equity perps could become retail's preferred instrument, outpaces the underlying facts: two pending filings, a $17.98M book, and unresolved litigation over whether perps are futures at all. The gap is moderate rather than severe because the same report explicitly labels the book small and names the CME risk.
Filer, incumbent litigant and promotional forecaster all interested
Named actors have direct commercial stakes: Kalshi is seeking approval to expand from event contracts into broader derivatives; CME Group is litigating against the approval regime that would admit a competitor; Coinbase Institutional publishes an outlook promoting perps as a category it benefits from. The publisher also amplifies its own prior reporting for the adoption figures.
Low: one publisher, no primary or opposing voices
Confidence is limited by a single-source cluster with no corroborating outlet, no primary filing or court record, no comment from the CFTC, Kalshi, CME, MerQube or Pyth, an uncited statistic doing heavy framing work, and a truncated article body. Dates and contract identifiers are specific enough to be checkable, which keeps confidence from being lower.
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cryptopolitan.com
1 article · August 19, 2026
decrypt.co
1 article · August 19, 2026