Kalshi Goes Live With a Product US Brokers Won’t…
By Damilola Esebame
AI summary of the source article
Kalshi rolled out US500PERP on October 6, giving US retail investors access to the country's first stock index perpetual future. The contract tracks the MerQube US Large Cap Index with leverage capped around 15.3 times, a structure that settles daily and avoids expiration dates. This places Kalshi in competition with offshore CFD brokers that have long served non-US clients. While CFTC Chairman Michael Selig supported onshoring perpetual products, CME Group sued the CFTC in June 2026, alleging Kalshi's perpetual contracts are swaps rather than futures. Kalshi has also filed to launch single-stock and crude oil perpetual contracts.
Why it matters
The product provides US retail traders with leveraged stock-index exposure similar to offshore CFDs, which domestic brokers have traditionally been unable to offer due to swap regulations.
Key facts
- The US500PERP contract offers roughly 15.3 times leverage and tracks the MerQube US Large Cap Index.
- CME Group sued the CFTC in June 2026, alleging Kalshi's perpetual contracts are swaps rather than futures.
- Kalshi, Coinbase, and Kraken's parent Payward have submitted filings to launch dual-regulated single-stock perpetual futures.