Kalshi has received CFTC approval for its US500 perpetual future and opened the contract for trading, less than two months after submitting it for regulatory review.

The product gives US clients leveraged long or short exposure to 500 large American companies without a fixed expiry date. It expands Kalshi’s perpetual futures range beyond cryptocurrencies and metals into equities.

The cash-settled contract references the MerQube US Large Cap Index, which covers the 500 largest US-listed and US-domiciled companies by float-adjusted market capitalisation.

Today we launched the first stock index perpetual future in America. You can now trade a perp on the US 500, an index of America’s largest companies weighted by market cap. Stock index perps let you trade the broader market with greater capital efficiency and make it easier to do things like take a short position. Unlike traditional options and futures, they don’t expire, so there’s no need to roll over contracts or decide when to exercise an option. Gains and losses are tied directly to how much the market moves, giving you an efficient and straightforward way to ask the question: is the market going up or down? One perpetual contract concentrates liquidity instead of spreading it across expiration dates. Bringing more traders and competing views into a single liquidity pool on a national exchange can strengthen competition, improve pricing, and make markets more efficient over time. This launch brings us closer to building a financial exchange for anyone and everyone. Prediction markets gave traders exposure to the events that move the stock market.

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