Kalshi Joins Coinbase in Filing for US Stock Perpetuals

What changed: Kalshi files alongside Coinbase

Kalshi has submitted its own filing to offer perpetual futures on individual US stocks. The filing follows Coinbase, which already filed for the same kind of product — a move covered in Coinbase Files Single-Stock Perps on Apple, Tesla, Nvidia. Kalshi's filing pursues the same basic structure: a derivative contract with no expiration date that tracks the price of a single stock, built the way perpetual futures already work in crypto markets, now aimed at equities.

Neither filing means the product is live in the United States. A filing opens a regulatory review. What follows can be approval, rejection, or a request for changes, on a timeline the source reporting does not specify. Until a regulator signs off, no US trader can open one of these contracts on either platform.

What makes this notable is who is doing the filing. Coinbase built its business on crypto trading and later added regulated derivatives through a separate arm. Kalshi built its business on prediction markets — contracts that settle on the outcome of events such as elections or economic data, regulated by the CFTC. Two companies with different core products are now aiming at the same category: perpetual exposure to individual US stocks, without owning the underlying share.

Two filings, side by side

The mechanics matter here too. A perpetual future has no settlement date, unlike a traditional futures contract. It stays open as long as a trader holds it, with funding payments typically used to keep its price near the underlying asset. That structure is standard in crypto derivatives. Applying it to individual stocks in the US is the part that requires this kind of filing in the first place — equities have a different regulatory framework than crypto or event contracts, and a perpetual wrapper on a stock does not fit neatly into either.

Takeaway: two firms have filed for the same product category; nobody can trade it yet.

Who is affected

This filing touches a few distinct groups, and it touches them unevenly.

US retail traders who already hold a Coinbase account are the most directly affected. Coinbase would be the entity distributing the product if it is approved, so if you already use Coinbase for crypto and were hoping to add stock exposure inside the same account, this filing is a step toward that possibility — not a launch of it.

Kalshi users, meaning people trading event contracts on outcomes rather than assets, are the second group. A stock perpetual futures product would be a new category sitting alongside Kalshi's existing event contracts, not a replacement for them.

Traders who split funds across multiple exchanges are a third group worth mentioning. If you are already comparing fees and limits between Coinbase and Binance, an approved stock perpetuals product would add one more variable: which platform lets you hold stock exposure and crypto in the same account, and what it costs to move funds between them.

Who is not affected

People outside the United States are not affected by this filing. Both Coinbase's and Kalshi's filings are tied to US regulatory bodies and US market structure. Availability in other countries, if it ever happens, would require separate approvals in each jurisdiction — this filing does not cover that.

Anyone dealing with a Coinbase outage, covered in Coinbase Down? What Exchange Outages Mean for You, should also note that platform reliability is a separate issue from product approval. A new filing does not fix, and does not worsen, existing uptime problems.

It's also worth remembering that regulatory attention on exchanges isn't limited to new product filings. Separate scrutiny, such as the reported Manhattan US Attorney probe into Binance's Iran compliance, shows that filings and investigations run on entirely different tracks, at different platforms, for different reasons. Don't conflate them.

Takeaway: this is a US-only regulatory step that mainly matters to people who already use Coinbase or Kalshi.

What to do now

There is nothing to sign up for yet. Treat this as a filing to track, not a product to open.

1. Check your account status. If your Coinbase account is unverified or only partially verified, full verification is typically required before new regulated products roll out. Waiting until approval to start verification just means waiting longer for access later.
2. Know your current limits before assuming anything changes. Coinbase's existing daily withdrawal cap is €100,000 per day, and that figure applies to crypto withdrawals today. Nothing in either filing changes that number. If a stock perpetual futures product is eventually approved, it would likely carry its own separate limits and fee schedule, set independently of current crypto account rules.
3. Compare where you already hold funds. If you're deciding between exchanges for reasons that have nothing to do with this filing, the fee and limit comparison between Coinbase and Binance is a more useful reference today than speculation about an unapproved product.
4. Watch for regulatory language, not marketing. Approval from the relevant regulator is the event that matters. A company announcing a filing is the start of a review process, not the end of one, and filing dates alone don't predict approval timing.
5. Apply the same caution to Kalshi. A filing is not registration, and registration is not a live order book. The same standard applies whether you're evaluating Coinbase's filing or Kalshi's.
6. Keep an eye on your usual sources, not just headlines. Exchange status pages and regulator releases will carry the approval news before general commentary does, if and when there is any to carry.

Takeaway: verify your account, know your current limits, and wait for actual approval — not a press release — before expecting either product to trade.