What happened
Kalshi, a prediction-market platform, is pursuing U.S. regulatory approval to offer perpetual futures linked to individual stocks. The plan includes 24/7 leveraged bets on Nvidia, Tesla and Apple. The company also signals it wants perpetual futures for roughly 60 stocks and ETFs.
Why it matters
If approved, traders could buy contracts that never expire and use leverage. Funding payments would help keep prices close to the underlying stock. This would add a new, around-the-clock way to express bets on stock moves, beyond regular trading hours and standard futures. It could boost activity around big events and affect how people hedge or speculate. It also shows a shift for Kalshi from general prediction markets toward stock-focused instruments tied to real assets, expanding the toolbox for retail participants and market makers alike.
What to watch
Regulatory decisions and timing are key. Look for the exact product terms, including leverage limits, funding rates, and margin rules. Watch how settlement works and how these perpetuals price relative to spot prices. Also monitor early trading interest in NVDA, TSLA, and AAPL if regulators approve, plus any commentary from regulators or industry observers.