Kalshi wants 24/7 Tesla and Nvidia perps as Wall Street fights over who regulates them
Prediction-market operator Kalshi plans to apply for U.S. approval to list roughly 60 perpetual contracts tied to stocks and ETFs, including 24/7 contracts for names such as Tesla and Nvidia. The move would import a widespread crypto trading instrument into equities and comes amid a dispute on Wall Street over which authorities should oversee such products.
Why It Matters
Bringing perpetual contracts from crypto into mainstream equities could change how and when major stocks trade and intensifies an existing debate about which regulators or market participants should control oversight of these around-the-clock instruments.
Key Facts
- Company: Kalshi
- Business type: Prediction-market operator
- Product sought: Perpetual contracts (perps) tied to stocks and ETFs
- Number of perps planned: About 60
- Example underlyings: Tesla and Nvidia
Kalshi, known for operating prediction markets, is preparing to request U.S. approval to offer perpetual contracts linked to individual stocks and exchange-traded funds. The firm aims to list about 60 such contracts, and has identified high-profile names like Tesla and Nvidia as potential underlyings. These instruments would be available around the clock, extending trading availability beyond traditional market hours.
Perpetual contracts — a staple of crypto trading — are being adapted by Kalshi for traditional equities. By introducing perps tied to stocks and ETFs, the company seeks to transplant one of the most actively traded crypto products into mainstream markets. That transition would mark a notable convergence of trading models between the crypto and equity spaces.
The proposal has surfaced amid a broader contest on Wall Street over who should regulate these new instruments. The debate touches on market structure, investor protection and the mechanics of continuous trading, as stakeholders weigh which authorities or market venues ought to set rules and supervise activity for 24/7 perps.
If approved, Kalshi’s perps could reshape market access and liquidity patterns by making selected equities tradable at all hours. The move is likely to draw attention from trading firms, exchanges and regulators as they assess the implications of nonstop equity derivative trading and determine appropriate oversight frameworks.
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