Kalshi's 60 stock and ETF perpetuals need both the CFTC and the SEC to say yes

A 15% minimum margin on a 100-share contract lets a trader carry about 6.7 dollars of notional for every dollar posted ^[4][1]. The listing screen is the other half of the design. A name sitting exactly at the $100bn market-cap floor has to trade $450m a day to qualify, which is 0.45% of its own market value turning over daily ^[5][2].

Nothing in the contract forces convergence. A cash-settled future with no expiry never delivers and never matures, so the only thing pulling its price back toward the share price is the periodic funding payment ^[6][7]. That has to work across 115 hours of trading a week, because the contract would be open 23 hours a day, five days a week ^[6][3]. How often funding is paid is not among the terms reported by Crypto Briefing.

Single-stock futures have been legal in the US since the Commodity Futures Modernization Act of 2000. 26 years on, the category never took hold, and Crypto Briefing attributes that partly to the cumbersome joint oversight structure ^[12][4]. Equities are securities, so a perpetual on Apple sits with the SEC as well as the CFTC ^[11]. Every perpetual approval on Kalshi's record so far came from the CFTC: Bitcoin in May 2026, gold and silver in September 2026, with copper and equity-index contracts already trading ^[8][9][15].

In my view the SEC is the variable that sets the timetable here, and the commodity side of the file is close to a repeat of work Kalshi has already done four times. The case against that reading is demand. Kalshi's crypto perpetuals have reportedly done tens of billions in notional volume, a record the single-stock futures of the 2000s never had, and a regulator looking at a live market behaves differently from one looking at a proposal ^[10]. Both agencies could clear the 60-product list roughly as filed. Or one of them clears a narrower version, at which point the $100bn and $450m thresholds move rather than the product. Or the joint structure stalls the file the way it stalled the last generation of single-stock futures ^[2][5][12]. I would drop the first reading if the approval arrives without an SEC-specific condition attached to single names.

What Kalshi is doing with its regulatory attention is pushing one product template outward across asset classes. Copper and equity-index perpetuals trade now, agricultural commodity contracts are next, and WTI crude is reportedly on the wish list ^[15].