Kalshi has asked the Commodity Futures Trading Commission (CFTC) to approve perpetual futures tied to a U.S. large-cap stock index and the price of copper, extending its push from prediction markets into mainstream financial products.
Key Takeaways
Kalshi filed Aug. 18 for US500 and COPPERPERP perpetual futures.Kalshi’s contracts could broaden U.S. access to continuous leveraged market exposure.The CFTC must approve, modify or reject Kalshi’s two filings before trading begins.Instead of expiring, the contract uses a periodic funding payment between traders on opposing sides. That payment is designed to pull its price back toward the underlying market. In plain terms, the structure aims to keep an always-open wager on the real market from drifting too far away from it.
COPPERPERP would track copper’s spot price in dollars per pound using a price feed from Pyth Network. Each contract would represent 1,000 pounds of copper, but it too would settle only in cash. Kalshi proposes a 25,000-contract cap on net long or short positions, with exemptions available for some legitimate hedging and spread trades.
Why Copper and Stocks MatterKalshi argues that a perpetual contract can “eliminate roll cost and roll-date basis risk” for users with ongoing exposure. Dated futures still offer features that some traders need, including clear settlement dates and the ability to trade the relationship between different contract months.
Regulators Hold the Next MoveFor now, the practical questions are whether the CFTC approves either filing, what changes it may request, and whether traders use the new products alongside established equity-index and copper futures. The answer will help show whether a trading format popularized in crypto markets can gain a durable place in regulated U.S. finance.
