TLDR Kalshi filed two requests with the CFTC on August 18 for new perpetual futures contracts. One contract, called US500, would track a stock index of 500 large U.S. companies. The other, COPPERPERP, would track copper prices using a Pyth Network price feed. Neither product has been approved yet, and Kalshi says trading will not start until the CFTC signs off. The filings come as CME Group’s lawsuit against the CFTC over crypto perpetual futures remains unresolved.
Kalshi filed two product submissions with the Commodity Futures Trading Commission on August 18. The filings ask for permission to launch perpetual futures tied to a broad U.S. stock index and to copper.
Both products were submitted through the CFTC’s voluntary review process under Regulation 40.3. Kalshi said it plans to list the contracts once approval comes through.
This means neither product can start trading based on the filings alone. The CFTC still has to review and sign off first.
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What the US500 Contract Would Track
The proposed US500 contract would follow the MerQube US Large Cap Index. That index covers 500 of the largest companies listed and based in the United States, weighted by market value.
The contract would be cash settled with no fixed expiration date. A funding payment between long and short traders would keep the price close to the index.
One full contract would equal the index level multiplied by $1. Kalshi proposed a $25 million position limit based on market value, along with price bands and order limits to manage sudden price swings.
Kalshi argues the product falls under the CFTC’s sole authority because it tracks a broad securities