KalshiEX LLC began listing perpetual security futures on individual equities on 5 November 2026. The listing followed a KalshiEX certification filed with the CFTC on 4 November under Commission Regulations 40.2(a) and 41.23(a). That filing states the contracts match products the exchange submitted on 18 September 2026 and that the Commission approved under Regulation 40.3 on 2 November, except for a smaller minimum trading unit of one five-thousandth of the 100-share contract unit.
On 3 November, CFTC Chairman Michael S. Selig said perpetual futures on individual equity securities could begin trading for the first time on CFTC-registered exchanges that are also notice-registered with the SEC to trade security futures. Selig described the products as security futures under the Commodity Futures Modernization Act of 2000, subject to both the Commodity Exchange Act and the federal securities laws. Kalshi’s own announcement on 5 November framed the launch as regulated single-stock perpetual futures under joint CFTC and SEC oversight.
What the filing lists
The 4 November certification attaches a schedule of 54 contracts that share one set of terms and differ only by underlying security: 51 common stocks plus Alibaba ADRs, Invesco QQQ Trust shares and SPDR S&P 500 ETF Trust shares. Each contract is cash-settled with no fixed expiration, cleared by Kalshi Klear LLC, and subject to a customer margin ratio of not less than 15.50% of current market value. Trading hours in the filing run from 6:00 p.m. ET Sunday through 5:00 p.m. ET Friday, with a daily maintenance window and equity-market holiday rules. The chart above counts calendar days from the 18 September Reg 40.3 submission to approval, certification and listing.
Open court fight, no TRO
Separately, on 3 November Judge Valerie Caproni in the Southern District of New York denied a temporary restraining order in Capital Markets Alliance Association v. CFTC, No. 26-CV-9608. The written order (CourtListener RECAP) finds the challengers likely to show that perpetual single-stock contracts do not meet the statutory definition of a “security future,” but holds they failed to show irreparable harm for emergency relief. Defendants’ opposition to a preliminary injunction is due 6 November; the reply is due 10 November. Listing went ahead under the CFTC path above; the PI track remains open.
Key facts
Product: KalshiEX perpetual security futures (SFPs) on single equities and three related equity products.
Timeline: Reg 40.3 submission 18 Sep 2026; approval 2 Nov; 40.2(a)/41.23(a) certification 4 Nov; continuous listing from 5 Nov (KalshiEX CFTC PDF).
Schedule: 54 contracts; margin floor 15.50% CMV; cash settlement; Kalshi Klear clearing.
Chair: Selig statement 3 Nov — equity perps may trade on dual-registered DCMs as security futures under the CFMA.
Litigation: Caproni TRO denied 3 Nov in 26-CV-9608; PI briefing ~6/10 Nov (court order).
Sources: CFTC filing ptc11042642500.pdf; Selig statement 3 Nov 2026; Kalshi news 5 Nov 2026; SDNY order via CourtListener RECAP.
Why it matters for GambleFi
Regulated equity perps sit next to the same perpetual-structure fight already running over Kalshi’s crypto contracts — see our note on the CFTC–CME standing dispute — and next to the high-leverage perpetual style common on offshore crypto casinos covered in our 1,000x leverage report. Kalshi’s own growth story is in the Series G / $40bn valuation post. For how prediction-market and iGaming-token platforms fit together, start with the GambleFi FAQ. This is a report on regulatory filings and court papers, not trading or legal advice.