Single-stock perpetual futures filings from Kalshi, Coinbase, Bitnomial and Nadex await CFTC review

Four CFTC-registered futures exchanges have filed rules to list perpetual futures on single US stocks. All four filings are awaiting CFTC approval.

“In September, the Commission received Form 1-Ns from five CFTC-registered DCMs – Coinbase, Kalshi, Bitnomial, NADEX, and ICE Futures – to notice register security futures exchanges. I expect at least four to begin to trade perpetual futures on securities sometime this quarter,” Jamie Selway, director of the SEC’s Division of Trading and Markets, said in remarks on 14 October. He spoke in his official capacity, and his remarks do not necessarily reflect the Commission’s views.

Security futures are regulated jointly by the SEC and the CFTC. Each exchange’s rule filing takes effect once the CFTC approves it, and the SEC can summarily abrogate the rules after that.

The filings

Kalshi. KalshiEX proposes to list perpetual security futures “on up to, as of this filing, fifty-eight large-capitalization U.S. exchange-listed equity securities”, according to its CFTC submission. Its SEC filing says the rules “will become effective on November 2, 2026, or such later date as it may be approved pursuant to CFTC Regulations”. That is the earliest date given in any of the four filings. It is the date the rules could take effect, not a confirmed launch date.

Coinbase Derivatives. Coinbase’s filing states that the rule change “is not yet effective because the CFTC has not yet approved the proposed rule change”. It proposes trading hours from 8:00pm ET on Sunday to 5:00pm ET on Friday.

Bitnomial. Bitnomial, which is owned by Kraken’s parent, Payward, says in its filing that trading “will begin only after the applicable approvals for the SFP rules, including customer margin, separate product approvals, and other launch requirements have been satisfied”. Payward says the initial contracts would cover ten stocks: TSLA, SPCX, NVDA, AVGO, MU, AAPL, MSFT, AMZN, GOOGL and PLTR.

Nadex. North American Derivatives Exchange does business as Crypto.com | Derivatives North America, according to its Form 1-N. Its filing, published in the Federal Register on 2 October, says the rules would become effective upon approval by the CFTC, and that the CFTC has not yet approved them. The CFTC’s filings page lists the submission as “Approval Pending”.

ICE Futures also filed a Form 1-N, according to Mr Selway. The Midpoint has not identified a published rule filing from ICE Futures for perpetual security futures.

What we are watching

• CFTC decisions on the four filings, and whether the SEC acts on any of them.
• Separate product and margin approvals, and the first confirmed launch dates.
• Which underlying stocks are listed first.

Updated 26 October 2026: this article has been revised to rely solely on regulatory filings and company statements. An earlier version, based on a news report, said the products were due in early November and named the firms as preparing launches. No exchange has announced a launch date. Kalshi’s filing gives 2 November as the earliest date its rules could take effect, subject to CFTC approval.