Prediction market platform Kalshi has filed an application with the U.S. Commodity Futures Trading Commission to launch perpetual futures products linked to the MerQube US Large Cap Index and copper prices.
This time, Kalshi isn't turning to crypto as the underlying asset—instead, it's setting its sights on the broad stock market and industrial metals.
According to the filing, Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch two perpetual futures products: one tracking the MerQube US Large Cap Index, and the other tied to copper prices.
Perpetual futures were originally a common product format on crypto exchanges—contracts with no expiration date that stay close to spot prices through a funding rate mechanism. By bringing this mechanism into US stock indices and commodities, Kalshi is essentially replicating a trading structure that's already proven itself in crypto markets onto traditional assets.
The application is currently still under CFTC review, and details such as the actual launch timeline, contract specifications, and fee mechanisms have not yet been disclosed.
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