Kalshi Launches Immortal Stock Futures Without End Dates
Published Date: 9/23/2026
Notice
Summary
KalshiEX is rolling out new rules to list special security futures called Perpetual SFPs, which don’t expire and track stock prices. Traders holding these contracts will swap payments based on price differences, keeping things fair and balanced. This change kicks in right away but still needs approval from the Commodity Futures Trading Commission, affecting anyone trading these cool new contracts.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 4 costs, 1 mixed.
New Perpetual Security Futures Introduced
You can trade new Perpetual Security Futures Products (Perpetual SFPs) that have no pre-specified expiration date and that track the price of an underlying equity security. Holders of long and short positions will exchange periodic "funding payments" based on price differences, and positions are exited by offset.
Strict Eligibility: Very Large Stocks Only
A stock can underlie a Perpetual SFP only if it meets strict thresholds: an initial market capitalization of at least $100,000,000,000, a maintenance market capitalization of at least $50,000,000,000, an initial average daily trading value (ADTV) of at least $450,000,000 over six months (or $1,000,000,000 over the prior month if listed under six months), a maintenance ADTV of at least $200,000,000 per quarter (or $1,000,000,000 if listed less than a quarter), a Public Float of at least 7,000,000 shares initially (6,300,000 at maintenance), and an Estimated Deliverable Supply in excess of 20,000,000 shares.
Delisting Rules and Forced Final Settlement
If an Underlying Security fails maintenance standards, the Exchange gives a 90-calendar-day cure period; failure to cure leads to delisting. Certain events (e.g., issuer bankruptcy, delisting from primary exchange, SEC trading suspension, completion of a corporate action, or sanctions) trigger immediate delisting and a trading halt, with final settlement to occur as promptly as practicable but no later than five business days after the triggering event and using the opening price on the primary listing exchange (or other fair-reference price).
Exchange Will Require Higher Margins Than 15%
The Exchange will adopt Perpetual SFP Margin Rules that set 'higher margin levels' than the statutory 15% minimum initial and maintenance margin for security futures. In other words, margin requirements for Perpetual SFPs will be above the 15% baseline set in the Customer Margin Rules.
Categories of Securities Excluded from Use
Certain types of securities cannot serve as the underlying for a Perpetual SFP: issuers in bankruptcy or insolvency, securities subject to a trading halt or suspension (including within the prior 10 trading days), blank-check companies or SPACs that haven't completed a qualifying de-SPAC, securities issued by entities subject to sanctions, and, except for qualifying ETFs, exchange-traded notes, closed-end funds, pooled 1940 Act vehicles, and leveraged/inverse/synthetic ETPs.
Central Clearing Through Kalshi Klear
All Perpetual SFP transactions on the Exchange will be cleared by Kalshi Klear LLC, a Commodity Futures Trading Commission-registered derivatives clearing organization, meaning each party's obligations will be guaranteed via novation to the clearinghouse and subject to margin requirements set by Klear.
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