Kalshi files for S&P 500 perpetual futures in challenge to traditional exchanges

Kalshi filed with the U.S. CFTC to launch S&P 500 equity index perpetual futures, a move that could intensify competition with traditional derivatives exchanges. The contracts would let traders take leveraged long or short positions on major stock benchmarks without an expiration date, expanding Kalshi beyond event contracts into broader asset classes. The filing also includes copper perpetuals. Market impact is mainly structural: it signals growing innovation in listed derivatives and could attract more speculative volume to S&P 500-linked products, though it does not directly change the index’s fundamentals. The article also notes Kalshi would not need SEC approval for these equity index contracts because broad-based equity baskets fall under CFTC oversight.