Kalshi launches single-stock perps, logging over $300 million in early trading

The CFTC-regulated platform, best known for letting people bet on elections and economic data, has expanded into equity derivatives. The company rolled out single-stock perpetual futures, with trading volume exceeding $300 million before the product was formally announced on November 5, 2026.

This figure came from co-founder Luana Lopes Lara and covers activity since a quiet stealth rollout, giving the product a head start before public awareness.

Product Details

Perpetual futures function as stock bets without expiration dates, unlike traditional futures contracts that eventually close or roll into new contracts. Kalshi's version allows users to go long or short on individual stocks without owning shares.

The initial lineup includes over 50 stocks and ETFs listed on NYSE and NASDAQ, including household names like McDonald's, Palantir, Meta, Qualcomm and NVIDIA. Each contract represents 0.02 shares, with 50 contracts equaling one full share.

Instead of expiry dates, the contracts use daily funding payments settled at 4:00 PM ET. Leverage varies by stock, starting around 4.9x for some assets, meaning $100 of margin can control approximately $490 in position value.

Regulatory Approval

Kalshi filed its application for single-stock perps on September 18, 2026. The CFTC's 45-day review window closed on November 2, 2026. Since the agency didn't block the filing in that period, the product was approved automatically.

The stealth launch followed within days, with the public announcement coming on November 5. This marks Kalshi's first step into equity derivatives, as the platform previously focused on event contracts and crypto offerings.

Market Impact

Single-stock perps aren't new, having traded offshore with annual transaction volume exceeding $4.5 trillion largely outside US regulatory reach. Kalshi is now bringing this product category into a regulated US framework.

One widely shared post on X predicted that Kalshi will become Robinhood's biggest rival as its single-stock perps catch on.

Kalshi's offering provides leverage, easy shorting capabilities, and no need to own underlying shares. However, leverage near 4.9x means adverse moves can quickly erode margin, and daily funding payments add recurring costs not borne by stock owners.

The launch comes as Kalshi's ambitions grow alongside its balance sheet, following a recent $1 billion funding round at a $40 billion valuation. The company faces ongoing regulatory scrutiny as it expands, with legal hurdles potentially shaping how far and fast this product grows.