Kalshi Files With CFTC to List Perpetual Futures Tied to US Stock Index, Copper

Prediction-market platform Kalshi has filed with the US Commodity Futures Trading Commission to list perpetual futures tied to a US stock index and copper prices.

Crypto news outlet The Block reported on August 19 that Kalshi submitted applications to the CFTC for two perpetual futures products: the US500 contract and the COPPERPERP contract.

The US500 contract would use the MerQube US Large Cap Index, which tracks the performance of 500 large-cap US-listed stocks, as its underlying benchmark. The COPPERPERP contract would track spot copper prices in dollars per pound using Pyth Network's XCU-USD price feed. Perpetual futures do not expire, allowing investors to bet on price moves without directly holding the underlying asset.

The filing is part of Kalshi's broader push to expand into a comprehensive financial exchange. In May, the CFTC approved Kalshi's listing of perpetual futures tied to Bitcoin's price.

That approval remains under legal challenge. CME Group sued in June, alleging the CFTC violated the Commodity Exchange Act when it approved perpetual futures products from Kalshi and Coinbase. CME says the products compete directly with its derivatives exchange and harm its business.