The CFTC approved US stock perpetual futures on Nov. 3, allowing trading on eligible regulated exchanges like Kalshi and Coinbase. These contracts track share prices without expiration dates but inherit restrictions from equity markets.
Kalshi now offers single-stock perpetuals with no fixed end date. The exchange does not trade 24/7 and explicitly warns that customers cannot open or close positions during scheduled market closures. Access requires a perpetuals application and educational tutorial, with leverage varying by stock and position size.
Coinbase's CFTC product record still showed "Approval Pending" on Nov. 4, and its SEC customer-margin proposal was marked withdrawn. Coinbase's September filing describes cash-settled futures on stocks and ETF shares without ownership of underlying assets, using AAPL as a representative specification.
Stock perpetual holders face a key constraint: whenever the underlying stock enters a regulatory halt, the perpetual must stop trading too, subject to applicable exemptions. Under Coinbase's proposed Rule 1207, contracts would be subject to US equity market-wide circuit breakers and coordinated halts, with reopening following the end of the halt condition and an exchange determination that resumption meets investor-protection standards. The underlying stock reopening would not automatically promise an immediate futures exit.
Securities trade group SIFMA raised concerns about the proposals on Nov. 2, citing manipulation, thin-liquidity trading, and classification issues.
Coinbase's filing proposes hourly funding and trading from Sunday at 8 p.m. through Friday at 5 p.m. Eastern. Kalshi uses daily funding at 4 p.m. Eastern. Both exchanges warn that closures can leave holders facing different reopening prices, risking liquidation if accounts fall below maintenance margin.