SEC Notices Kalshi, Coinbase, Bitnomial Plans for Perpetual Stock Futures

KalshiEx, LLC, Coinbase Derivatives, LLC and  Bitnomial Exchange, LLC each proposed SEC rule changes to list "perpetual" security futures - single-stock contracts with no fixed expiration date. The filings were also submitted to the CFTC, which has not yet acted. All three exchanges recently notice-registered with the SEC under Exchange Act Section 6(g) as national securities exchanges limited to security futures products (see prior coverage).

Instead of settling on a fixed date, holders exchange periodic "funding payments" tied to the gap between the futures price and the stock price to keep the two aligned. Kalshi argued the products qualify as security futures under the Exchange Act's definition (Section 3(a)(55)) and the Commodity Exchange Act, citing case law on "futurity" in contracts of indefinite duration and the CFTC's earlier approval of its perpetual bitcoin future.

All three proposed listing standards equal to or more stringent than the sample standards in SEC Staff Legal Bulletin No. 15 (Listing Standards for Trading Security Futures Products): (i) a $100 billion minimum market cap, $450 million average daily trading value and more than 20 million deliverable shares to list; and (ii) a $50 billion market-cap maintenance floor. Kalshi would allow a 90-day cure period before delisting.

Each exchange provides for an affiliated futures commission merchant to intermediate customer trades - Kalshi Prime LLC, Coinbase Financial Markets, Inc. and NinjaTrader Clearing, LLC - subject to NFA oversight and information barriers against preferential access. All three said position limits would apply throughout a contract's life, not just the final three trading days required under CFTC Rule 41.25(b)(3).

The SEC may summarily abrogate the Kalshi and Coinbase filings within 60 days of effectiveness, and the Bitnomial filing within 60 days of CFTC approval, after consulting the CFTC. Comments on the listing-standards filings are due October 14, 2026, and comments on Coinbase's separate customer-margin filing are due October 15, 2026.