Kalshi wants "perps" — never-expiring futures — tied to U.S. large-cap stocks
Prediction-market firm Kalshi filed with the CFTC to launch a "US500" perpetual — a futures-style contract with no expiry — tethered to the MerQube U.S. Large Cap Index. It's the company's latest push beyond cryptocurrencies and metals, edging onto turf owned by CME and CBOE, which have pushed back. With perps logging over $90 trillion in global volume in 2025, the expansion is more than symbolic.