Kalshi filed for equity index and copper perpetual futures with the CFTC on August 18, 2026. Here's what retail traders need to know — before these go live.
On August 18, 2026, Kalshi submitted two new contract types to the CFTC for review and approval: a perpetual futures contract on the MerQube US Large Cap Index (a proxy for the S&P 500) and a perpetual futures contract on copper. If approved, these would let Kalshi users trade equity index and commodity price exposure on the same platform they use for election and weather markets — without a traditional brokerage account. Here is what you actually need to know.
Kalshi submitted two new perpetual futures contracts to the CFTC for review and approval under Commission Regulation 40.3(a). These contracts are not yet approved and are not yet available to trade.
Contract 1: US500
MerQube US Large Cap Index Perpetual Future
Contract 2: Copper Perpetual
Perpetual futures contract tracking copper prices
These are NOT event contracts. They are a different product type — perpetual futures — that tracks an asset price continuously rather than resolving YES or NO on an event outcome.
| Attribute | Kalshi Event Contract (existing) | Perpetual Futures (filed Aug 18) |
|---|---|---|
| How it resolves | YES or NO on a specific event | Tracks an underlying asset price |
| Expiration date | Fixed expiration tied to the event | No expiration — rolls continuously |
| Collateral | Fully collateralized (no leverage required) | Margin-based (leverage involved) |
| Payout | Binary: $1 if correct, $0 if not | Price-linked, cash-settled |
| Example | Will candidate X win? (resolves election night) | Where will the S&P 500 equivalent be tomorrow? |
| Regulatory framework | Event contract under CEA § 5c(c) | Futures contract under CEA; CFTC exclusive jurisdiction |
| Official product name | — |
| Underlying index | — |
| Index composition | — |
| Index version | — |
| Contract type | — |
| Settlement | — |
| Expiration date | — |
| Last trading date | — |
| Source agency | — |
| Trading schedule | — |
| Regulatory jurisdiction | — |
| Contract size | — |
| Tick size | — |
| Margin method | — |
| Position limits | — |
| Contract type | — |
| Settlement | — |
| Expiration date | None (perpetual) |
| Status | — |
| Contract size | — |
| Tick size | — |
| Underlying reference | — |
Specific contract specs for the copper perpetual will be available once the CFTC completes its review. Confirm current status at CFTC.gov.
Source: CFTC filing ptc08182617972.pdf (US500) and ptc08182617967.pdf (Copper) — KalshiEX LLC, August 18, 2026.
No expiration date
Unlike a dated futures contract that settles on a specific calendar date, a perpetual futures contract has no last trading date. It continues until you close your position or the exchange halts it.
Funding mechanism keeps the price anchored
Perpetual contracts use a periodic funding rate — a small payment between long and short holders — that keeps the contract price tethered to the underlying index price. This replaces the convergence-at-delivery you get with a dated future.
Margin-based, not fully collateralized
Event contracts on Kalshi are binary and fully collateralized — you can't lose more than you put in. Perpetual futures use margin, meaning you hold a leveraged position in the underlying index. Loss can exceed your margin deposit if the market moves against you.
Cash-settled — no physical delivery
Neither US500 nor copper perpetuals require physical delivery of shares or commodities. All gains and losses are settled in cash at your brokerage or exchange account.
Your existing event contracts are unaffected
Event contracts — elections, weather, economic indicators — are a separate product category from perpetual futures. The US500 and copper filings do not change how existing Kalshi event contracts work or settle.
No account changes required yet
Kalshi has not announced any new account type, margin tier, or onboarding requirement for perpetual futures. No action is needed on your part until the CFTC approves the contracts and Kalshi announces a launch.
These contracts cannot be traded today
The CFTC voluntary approval process under Regulation 40.3 requires the Commission's affirmative approval before trading can begin. No launch date has been announced.
These are derivatives, not stock purchases
Holding a US500 perpetual does not give you shares, ownership in underlying companies, or dividend rights. It is a derivative instrument that tracks an index price. Consult a financial professional before comparing it to equities or index ETFs.
CME Group operates the largest U.S. derivatives exchange and has run equity index futures — including E-mini contracts on major large-cap benchmarks — for decades. Kalshi filing for a competing perpetual equity index contract is a direct entry into CME's core product line.
Earlier in 2026, when Kalshi received CFTC approval for its bitcoin perpetual futures contract (the BTCPERP, approved May 29, 2026), CME Group filed a federal lawsuit challenging the CFTC's authority to approve perpetual contracts as futures. That case is ongoing.
What this means for traders
If a court grants CME an injunction while the litigation is pending, CFTC approval of these equity index and copper perpetuals could be delayed or challenged. These contracts are not currently available to trade. Check this page or CFTC.gov for updates.
Kalshi has not announced a trading launch date for the US500 or copper perpetual contracts. Trading cannot begin until the CFTC completes its review and issues approval under Regulation 40.3(a).
How the CFTC voluntary approval process works:
Confirm current status at Kalshi's official site or CFTC.gov.
Kalshi holds a Designated Contract Market (DCM) registration from the CFTC — the same regulatory status as CME Group and ICE. That registration gives Kalshi authority to self-certify new contracts and, in some cases, request Commission approval for novel products.
Until May 29, 2026, no U.S.-regulated exchange had ever listed a perpetual futures contract. The CFTC's approval of Kalshi's BTCPERP contract on that date established a legal framework for perpetuals as futures contracts under the Commodity Exchange Act. The US500 and copper filings extend that framework to equity index and commodity products — which puts them on a direct collision course with CME Group's core business.
Kalshi regulatory status
CFTC Designated Contract Market (DCM)
BTCPERP approval
May 29, 2026 — first domestic perpetual contract approved by CFTC
US500 & Copper status
Submitted Aug 18, 2026 — pending CFTC review and approval
Perpetuals Launch Map
Full landscape of perpetual futures filings and approvals across all platforms
Kalshi Platform Guide
Full review of Kalshi's event contracts, fees, and regulatory status
Prediction Markets for Finance Users
How prediction markets compare to options, futures, and structured products for finance-native traders
CFTC Enforcement History
Past CFTC actions involving prediction market platforms
Disclaimer
This page is educational only and does not constitute financial or investment advice. Perpetual futures contracts involve leverage and carry risk of loss exceeding your initial margin. These contracts are not currently available to trade. Consult a qualified financial professional before making any investment decision. All facts on this page are sourced from public CFTC filings; confirm the latest status at CFTC.gov or Kalshi's official site.
