Kalshi files with CFTC to launch perpetual futures on US stock index and copper
Prediction market platform Kalshi has filed to offer perpetual futures on a US large-cap equity index and copper, signaling a major expansion into traditional asset classes amid ongoing regulatory friction over derivative products.
Kalshi has submitted formal filings to the Commodity Futures Trading Commission seeking permission to launch perpetual futures contracts tied to a United States stock index and industrial copper. This strategic move marks the prediction market platform’s latest effort to broaden its operational footprint and establish itself as a comprehensive financial exchange.
According to the Tuesday regulatory submission, the proposed US500 Contract would directly track the MerQube US Large Cap Index. This broad-based securities benchmark is designed to gauge the overall performance of the 500 largest companies currently listed and based within the United States.
In parallel, Kalshi seeks to introduce the COPPERPERP Contract, a perpetual futures product based on the spot price of industrial copper. This specific contract would be quoted in US dollars per pound and reference the Pyth Network XCU-USD price feed to determine settlement values.
Perpetual futures, widely known in trading circles as perps, are distinct from traditional derivatives because they lack a fixed expiration date. This structure enables market participants to maintain speculative positions on asset price movements indefinitely without ever taking direct ownership of the underlying instrument.
These latest filings follow a significant regulatory milestone achieved in late May, when the CFTC officially approved Kalshi’s request to list a perpetual contract tied to the price of bitcoin. That decision effectively opened the door for perpetual derivatives to trade on regulated United States venues for the first time.
However, Kalshi’s expansion into traditional commodities and equity indexes is likely to intensify scrutiny from established market incumbents. In June, the CME Group initiated a lawsuit against the CFTC, alleging that the federal agency violated the Commodity Exchange Act.
The Chicago-based derivatives exchange giant argued that the regulatory approval of the initial wave of perpetual futures for Kalshi and Coinbase was unlawful. CME contended that these novel products would directly compete with its own longstanding offerings and inflict material harm on the broader derivatives exchange ecosystem.
The resolution of this ongoing legal challenge will heavily influence the regulatory timeline for Kalshi’s proposed equity and copper contracts. Market participants will be watching closely to see if the CFTC defends its recent interpretive stance or if the court forces a recalibration of how perpetual products are approved in the United States.
