Kalshi files to launch perpetual futures tied to US stock index, copper

Kalshi, the prediction-market operator pushing to become a full-scale derivatives exchange, filed with the Commodity Futures Trading Commission on Tuesday to list perpetual futures tied to a broad U.S. equity index and the spot price of copper, according to finance.biggo.com and qz.com. One product, designated US500, would track the MerQube U.S. Large Cap Index of the 500 largest U.S.-listed and U.S.-based companies; the other, COPPERPERP, would be cash-settled and reference copper's spot price in dollars per pound via the Pyth Network's XCU/USD feed. The copper contract would represent 1,000 pounds of metal per contract with a $0.0005 per pound minimum tick. The filings follow Kalshi's late-May approval for bitcoin perpetuals and a prior proposal for precious metals.

Background

Kalshi built its business on event contracts before moving into crypto derivatives, and it became the first company to offer regulated domestic perpetual futures in the U.S. when the CFTC approved its bitcoin-linked contract in late May, per finance.biggo.com and qz.com. Perpetual futures differ from standard futures in that they carry no expiration date; traders can hold positions indefinitely, and periodic funding payments between opposing sides keep contract prices tethered to the underlying reference price. Kalshi has emphasized the size of the opportunity, noting that perps generated more than $90 trillion in global volume in 2025, a market U.S. traders could previously access only through unregulated venues abroad. Its own crypto perps surpassed $1 billion in notional volume within a week of launch, and altcoinbuzz.io, citing Bloomberg, reports more than $5.5 billion within two weeks. The regulatory green light for domestic crypto perps rattled incumbent exchange operators in early June, with CME Group and Cboe Global Markets both declining as investors weighed the competitive threat. CME Group subsequently sued the CFTC in federal court, arguing the agency violated the Commodity Exchange Act in approving perps from Kalshi and Coinbase and contending the products directly compete with its own derivatives exchange. Kalshi also filed last month for perpetual contracts on precious metals including gold and silver.

What happened

According to finance.biggo.com, Kalshi filed with the CFTC on Tuesday to list perpetual futures tied to a broad U.S. equity index and the spot price of copper. The US500 product would track the MerQube U.S. Large Cap Index, which follows the 500 largest companies listed and based in the United States. The COPPERPERP product would be cash-settled and reference copper's spot price in U.S. dollars per pound through the Pyth Network's XCU/USD price feed. The copper contract would represent 1,000 pounds of metal per contract, with a minimum price increment of $0.0005 per pound. Trading would run continuously from 6:00 p.m. Eastern Time on Sunday through 5:00 p.m. Eastern Time on Friday, with a daily funding payment calculated at 10:00 a.m. Eastern Time on weekdays. qz.com, citing Reuters, reports that SEC approval is not required for the equity index contracts because broad-based equity baskets fall within the CFTC's regulatory purview rather than the SEC's. altcoinbuzz.io notes that Reuters clarified the equity product is not tied to the S&P 500, despite early descriptions suggesting otherwise. qz.com and finance.biggo.com both report that a month earlier Kalshi had submitted a CFTC proposal for perps on precious metals such as gold and silver. cryptorank.io dates the stock index filing to Aug. 18 and says Kalshi also applied for copper the same day; finance.biggo.com, qz.com and bloomingbit.io describe the filing as Tuesday, Aug. 19. Kalshi engineer Lior Hirschfeld framed the ambition at a June product launch event, saying, per finance.biggo.com, "This is the next step towards building the largest exchange on the planet."

Market impact

finance.biggo.com reports that on Tuesday shares of both incumbents traded higher: CME Group stock rose about 2%, while Cboe Global Markets gained roughly 0.2% to 0.8% in early trading, suggesting investors were not immediately rattled by the equity index and copper filings. qz.com puts CME Group stock up 2% and CBOE Global Markets stock rising 0.2%. That contrasts with early June, when both stocks slid after the CFTC greenlighted domestic perps, with investors worried the new product would erode business at established futures exchanges, according to qz.com. On volumes, finance.biggo.com and qz.com report that perps generated more than $90 trillion in global volume in 2025, and that Kalshi's own crypto perps surpassed $1 billion in notional volume within a week of launch. altcoinbuzz.io, citing Bloomberg reporting, says the contracts generated more than $5.5 billion in trading volume within two weeks, with the first week alone exceeding $1 billion. altcoinbuzz.io also notes Kalshi highlights central clearing and leverage limits of up to 6x on its Bitcoin product. cryptorank.io reports the CFTC has not yet indicated when it will rule on Kalshi's application.

Why it matters

The filings extend Kalshi's push into additional asset classes as the company works to position itself as a multi-asset derivatives exchange competing with established operators, according to qz.com and finance.biggo.com. Because broad-based equity index contracts fall under CFTC jurisdiction rather than the SEC's, the equity product would not require separate securities regulator approval, qz.com reports, citing Reuters. finance.biggo.com notes the CFTC's decision will be closely watched, particularly given the ongoing litigation over the agency's earlier approval of crypto perpetual contracts, and that a favorable outcome could further cement Kalshi's position as a regulated onshore venue for a product class that has historically operated almost entirely offshore from U.S. traders. cryptorank.io says the move signals potential broader adoption of crypto-style perpetual futures in traditional finance, with a CFTC ruling that could set a regulatory precedent. altcoinbuzz.io frames the structural difference at the center of a growing regulatory debate over how far perpetual contracts can expand in U.S. markets. CME's lawsuit argues bitcoin perpetual futures should be classified as swaps rather than futures contracts, per altcoinbuzz.io, and CME contends the products directly compete with its own derivatives exchange.