Kalshi’s scheduled closures prevent opening and closing positions; Coinbase’s filed halt rules show how stock-linked perpetuals inherit equity-market restrictions.
The CFTC said on Nov. 3 that US stock perpetual futures could begin trading on eligible regulated exchanges. These contracts track share prices without a fixed expiration date, but holders remain subject to stock-market halt rules that can interrupt an exit.
Chairman Michael Selig said the contracts had been deemed approved under Regulation 40.3. Eligible venues are designated contract markets also notice-registered with the SEC as securities exchanges, bringing the products into the agencies' joint security-futures framework.
Kalshi says it now offers single-stock perpetuals, with no expiration date, but explicitly warns that they do not trade 24/7. Markets follow schedules with regular closures, and customers cannot open or close positions while a market is closed. Access requires a perpetuals application and educational tutorial; leverage depends on the stock and position size.
For Coinbase, the individual CFTC product record still displayed “Approval Pending” when checked Nov. 4, while the SEC's rulemaking index marked its separate customer-margin proposal withdrawn. Those entries do not overturn the Nov. 3 announcement, but neither establishes a Coinbase customer launch or final terms.
Coinbase's September filing describes cash-settled futures on stocks and ETF shares, without ownership of the underlying shares. Its product submission uses AAPL as a representative specification and makes listing contingent on approvals. Its proposed controls apply to Coinbase's design, rather than setting the terms for every venue.
Securities industry trade group SIFMA's Nov.
Source link
