Kalshi plans to apply as early as this week for joint approval from the CFTC (U.S. derivatives regulator) and SEC (U.S. securities regulator) to offer single-stock perpetual futures as a security futures product. The proposed launch would begin with mega-cap stocks including Tesla, Apple and Nvidia, then expand to approximately 60 individual stocks and exchange-traded funds. Perpetual futures track an underlying asset without an expiration date, typically using a funding-rate mechanism to keep prices aligned with the spot market. Kalshi says its version will not add leverage beyond regulated-market norms: each contract would represent 100 shares, require margin equal to 15% of the stock's market value and provide approximately 6.7x notional exposure. Trading would initially run 23 hours a day, five days a week, rather than continuously. The plan brings a crypto-market product into the U.S. equities framework as regulators, incumbent exchanges and Wall Street institutions debate its risks. Citadel Securities has warned of a parallel market, surveillance gaps and insider-trading risks, while CME Group has challenged the CFTC's approval of perpetual futures in court. Kalshi already offers regulated perpetual futures tied to bitcoin and more than ten other cryptocurrencies, with maximum leverage of approximately 4.5x, and is expanding into metals and other commodities. A final decision would test whether the no-expiry, leveraged structure can enter U.S. equities, where single stocks fall within the SEC's securities jurisdiction.