KalshiEX Files Immediate Rule Change to List Perpetual Security Futures

On September 18, 2026 KalshiEX LLC filed a proposed rule change with the Securities and Exchange Commission under Section 19(b)(7) of the Securities Exchange Act of 1934 and Rule 19b-7. The filing, identified as Release No. 34-106422 and File No. SR-KALSHIEX-2026-02, is being made immediately effective, and the Commission is soliciting comments.

The proposal adopts Chapter 14 of Kalshi's Rulebook to list contracts that convey exposure to an underlying equity security, have no pre-specified expiration date, and are designated as Perpetual Security Futures Products (Perpetual SFPs). Under Rule 14.10 the exchange will calculate periodic "funding payments" that flow from long-side holders to short-side holders when the Perpetual SFP price diverges from the underlying security price, encouraging price convergence at each daily settlement. All transactions in Perpetual SFPs will be cleared by Kalshi Klear LLC, a CFTC-registered derivatives clearing organization.

Kalshi argues that Perpetual SFPs meet the statutory definition of security futures under the Commodity Exchange Act, which classifies securities as an "excluded commodity." The CFTC has already approved Kalshi's listing of perpetual contracts referencing Bitcoin (BTCPERP Contracts) as commodity futures, and Kalshi seeks similar treatment for equity-based Perpetual SFPs. The exchange has submitted the rule change to the CFTC for approval under Section 5c(c) of the CEA; the CFTC has not yet approved the proposal.

The notice also references Rule 14.37, which will set eligibility requirements for public participants, and cites judicial precedent affirming that contracts of indefinite duration can possess the "futurity" characteristic required for futures contracts. Comments on the proposed rule change must be submitted in accordance with the Commission's standard procedures.