Kalshi launches single-stock perpetual futures as Coinbase self-certifies listings

Perpetual futures on individual US stocks have moved from pending filings to listed products within days of the CFTC chairman’s statement.

On 3 November, CFTC Chairman Michael S. Selig said that perpetual futures contracts on individual equity securities “can begin trading for the first time on CFTC-registered exchanges”. His statement says the contracts “were deemed approved by the Commission, pursuant to Commission Regulation 40.3, as security futures products” under the Commodity Futures Modernization Act of 2000, so they are subject to both the Commodity Exchange Act and the federal securities laws. A footnote limits “CFTC-registered exchanges” to designated contract markets that are also notice-registered with the SEC as national securities exchanges for security futures.

The CFTC release quotes Mr Selig as saying the move means US traders can use the products “rather than being forced to turn to offshore, and often unregulated, venues”. Neither the release nor the statement names an exchange or a stock.

When we reported on the filings in October, all of them were still awaiting CFTC approval.

Kalshi: launched on more than 50 stocks

Kalshi announced on 5 November that traders can use perpetual futures “to take positions on the price movements of over 50 major companies listed on the New York Stock Exchange and Nasdaq”. It described itself as “the first company in the United States to offer this product”. The Midpoint has not independently verified that claim.

Kalshi’s perps page says the security futures products “are offered by Kalshi Prime LLC” and gives a “first use date” of 3 November 2026.

On 4 November, KalshiEX self-certified a change to its listing standards. The change allows it to list a perpetual on a stock as soon as the second business day after that stock’s IPO. The filing says KalshiEX’s Form 1-N notice registration with the SEC became effective on 3 September 2026.

The amendment borrows the options exchanges’ approach to newly public stocks. A stock with less than a month of trading history can qualify on 2.4 million shares traded since its IPO day, instead of the usual average daily value test. The $3 minimum share price is waived for the first three business days after the IPO, for companies with a market capitalisation of at least $3bn at the offering price. All other criteria still apply, including the $100bn market capitalisation requirement in Rule 14.3(b). The exchange says it intends to implement the change on 19 November, citing “several large initial public offerings anticipated in the coming months”. The SEC can abrogate the change within 60 days.

Coinbase Derivatives: single-stock self-certifications

Coinbase Derivatives, LLC filed a series of self-certifications with the CFTC under Regulation 41.23(a), all dated 5 November. Each covers the initial listing of an equity perpetual contract on a single stock. Those reviewed by The Midpoint cover Caterpillar (CAT), Texas Instruments (TXN), Walmart (WMT) and Exxon Mobil (XOM). The submissions are numbered from #2026-81 to #2026-123, but The Midpoint has not confirmed the full list of stocks.

The filings say Coinbase’s listing standards were “deemed approved by the CFTC on November 2, 2026”. The TXN filing sets out these terms:

• Contract size: 0.01 times a TXN reference index, about $2.99 of notional per contract at the example price of $299.17.
• Trading hours: Sunday 8:00pm ET to Friday 5:00pm ET.
• Funding: calculated every hour, capped at plus or minus 0.10% an hour, with no funding published for any hour in which the market is closed, paused or halted.
• Clearing: cleared by Nodal Clear, LLC.
• Halts: trading halts whenever there is a regulatory halt in the underlying stock.
• Spot reference: an index calculated by Coinbase Derivatives from Pyth and dxFeed data that covers the pre-market, regular, after-hours and overnight sessions. Inputs more than 5% away from the median are discarded.

The filing also certifies that only intermediaries “subject to suitability rules comparable to those of a national securities association” may accept orders in the contracts. The Midpoint has not seen a Coinbase statement giving the date trading began.

Bitnomial: pricing procedures in force

Bitnomial, which filed its own security futures rules in September, has published pricing procedures for perpetual futures on securities, marked “Effective November 4, 2026”. They set funding and settlement times of 03:00, 11:00 and 19:00 Central time. The underlying index is calculated by CF Benchmarks from National Stock Exchange or Blue Ocean ATS market data. The Midpoint has not found a Bitnomial announcement of a first trading date.

Why it matters

• A new US equity derivative. Single-stock perpetuals give leveraged long or short exposure to large US companies, with no expiry and trading hours that cover most of the week. They are now available to list on US-regulated exchanges and to clear through CFTC-registered clearing houses, under the joint security futures regime.
• New venues for equity exposure. Kalshi has announced listed contracts on more than 50 stocks, and Coinbase Derivatives has self-certified its first single-stock contracts. Kalshi also lists event contracts. Brokers, market makers and the cash-equity venues whose prices feed the funding and settlement indices all have a stake in how this develops.
• Extended hours. Trading runs into the overnight and weekend-adjacent hours. The reference indices draw on overnight equity data from sources such as Blue Ocean ATS, Pyth and dxFeed, so overnight equity price formation now feeds a listed derivative.
• Newly listed stocks. Kalshi’s IPO amendment shows the exchanges want to list perpetuals on large newly listed stocks within days of an IPO, as options exchanges can. The amendment takes effect on 19 November unless the SEC abrogates it.

What we are watching

• Whether the SEC acts on any of the security futures rule filings or the Kalshi amendment.
• Bitnomial’s first trading date, and whether Crypto.com | Derivatives North America or ICE Futures follow.
• Volume and open interest from the exchanges’ own daily reports.

Sources

All checked on 9 November 2026 by 06:45 GMT.

• CFTC, Release 9319-26: CFTC Chairman Selig Releases Statement on Equity Perpetual Futures, 3 Nov 2026.
• CFTC, Statement on Equity Perpetual Futures, Chairman Michael S. Selig, 3 Nov 2026.
• Kalshi, Kalshi brings single stock perpetual futures to the U.S., 5 Nov 2026.
• Kalshi, Perps product page and disclosures, undated.
• KalshiEX LLC, Self-certification of amendments to Rule 14.3, filed with the CFTC on 4 Nov 2026.
• Coinbase Derivatives, LLC, Regulation 41.23(a) initial listing submissions, all 5 Nov 2026: #2026-81 CAT, #2026-118 TXN, #2026-122 WMT and #2026-123 XOM.
• Bitnomial, Securities Perpetual Pricing, effective 4 Nov 2026.