Kalshi has filed rules with the Securities and Exchange Commission and Commodity Futures Trading Commission to list cash-settled perpetual futures linked to U.S. stocks and exchange-traded funds. The proposed products would have no fixed expiry, trade from Sunday evening through Friday with daily maintenance windows, and require customer margin of at least 15.50% of a position's market value. CFTC records listed proposed perpetuals tied to Apple, Tesla, Microsoft, Nvidia, Amazon, SPY and QQQ as pending on September 20. Kalshi's rule change is scheduled to become effective on November 2, 2026, or later if CFTC regulations require, while CFTC clearance remains a separate condition. Coinbase Derivatives and Bitnomial Exchange filed competing stock-perpetual proposals on September 18, with their submissions also pending.