Kalshi, the next-generation financial exchange, announced the launch of regulated single stock perpetual futures (perps), becoming the first company in the United States to offer this product.

As of  5 Novemebr 2026  traders on Kalshi can use perps to take positions on the price movements of over 50 major companies listed on the New York Stock Exchange and Nasdaq, including McDonald’s, Palantir, SpaceX, Meta, and more.

Single stock perps are unique in that they track traditional stock prices without having to hold the actual stock, without an expiration date. Users can trade up or down, making single stock perps the easiest way for the average person to get exposure to the price of stocks. Single stock perps on Kalshi provide a few key benefits compared to other assets:

• Going short is as easy as going long (which means no special brokerage accounts, custody, or borrow fees).
• They are simpler than options (no strikes, Greeks, or time decay).
• They are cheaper than futures (no rollover fees).

Single stock perps can also be traded with leverage, which lets traders take a larger position with less money upfront. Leverage levels for all products on Kalshi are approved under strict CFTC regulation, and are significantly lower than offshore perp products.

Additionally, single stock perps on Kalshi do not use the PFOF model.

Popular brokerage apps for stock trading use “payment for order flow,” or PFOF, as a business model. PFOF involves selling customer orders to a financial institution that gets the exclusive right to match the order, which can decrease price competitiveness. Instead of PFOF, Kalshi charges a small, transparent trading fee.

“Single stock perps are good for consumers: simple and easy to trade”, said Tarek Mansour, co-founder and CEO of Kalshi. “We’re taking a product that’s in high demand and bringing it to US traders in a safe and regulated way.”

Single stock perps are a popular product already, transacting over $4.5 trillion annually. Until now, that activity has taken place on offshore platforms. Kalshi is bringing single stock perps to a U.S. exchange under the joint oversight of the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC).

The launch builds on Kalshi’s rollout of perpetual futures on crypto in May and on gold and silver in September, and marks its biggest step yet toward building a new generation of financial markets.

Source: Kalshi