Kalshi, a U.S. prediction-market operator, plans to seek regulatory approval for about 60 stock and ETF perpetual contracts, including Tesla and Nvidia, enabling 24-hour trading. The move brings one of crypto's biggest trading products into traditional equities, and could change how people trade stocks outside normal market hours.
What actually happened
Kalshi plans to seek U.S. approval for around 60 stock and exchange-traded fund perpetual contracts, according to CoinDesk. The list includes perpetual contracts tied to Tesla and Nvidia shares. Perpetual contracts, or perps, are derivative products that let traders hold leveraged positions with no expiry date. They are already among the most heavily traded instruments in crypto markets, CoinDesk reported. Kalshi's push would extend that trading style to individual stocks and ETFs, allowing trading around the clock, seven days a week. The report frames the effort as part of a wider dispute over which U.S. regulator should oversee these products, though the source does not name the agencies involved or give an approval timeline.
How we got here
Perpetual futures started in crypto markets, where traders bet on price moves without owning the underlying asset. They became one of the sector's largest trading categories, drawing heavy volume from retail and institutional traders alike. Kalshi built its business as a prediction-market operator, letting users trade contracts tied to real-world events. Extending that model to Tesla and Nvidia stock perps would mark a shift from event contracts into mainstream equities trading, putting Kalshi in direct competition with brokers and exchanges that offer stock exposure only during fixed market hours.
Why this matters for you
For traders, approval could mean access to Tesla and Nvidia price exposure at any hour, including weekends, something standard stock markets do not offer today. For builders in crypto and fintech, it signals that perpetual contract technology built for digital assets can extend into equities, opening a new product category. For regulators, it raises questions about oversight of leveraged, stock-like products sold outside conventional exchanges. Retail users should remember that perpetual contracts carry leverage risk, and round-the-clock access does not remove that risk.
The bigger question
Who should regulate a stock perpetual contract that trades around the clock, outside normal exchange hours? The answer could shape whether products like Kalshi's Tesla and Nvidia perps reach everyday traders quickly, or face years of disputes between regulators applying different investor protection standards to the same instrument. That decision may also set a precedent for how similar crypto-style derivatives enter equities markets worldwide.
What to watch
No confirmed approval date has been announced. Watch for Kalshi's formal regulatory filings and any public response from U.S. oversight bodies. The outcome will show whether crypto-style perpetual contracts can legally trade against individual stocks like Tesla and Nvidia, and how quickly similar products might follow across other listed companies.
