Single stock perpetual futures, a product that has so far lived on offshore venues, now have a regulated US home. Kalshi rolled out single stock perps covering more than 50 companies listed on the NYSE and Nasdaq, including Meta, Palantir, McDonald's and SpaceX.

The contracts track stock prices without holding the shares and have no expiration date. Traders can go long or short with leverage, which Kalshi says is set under CFTC rules and sits well below offshore perp limits. The exchange charges a flat trading fee instead of payment for order flow.

Users traded over $300M in the first morning after the stealth launch, per co-founder and COO Luana Lopes Lara.

The product runs under joint CFTC and SEC oversight and follows Kalshi's crypto perps in May and gold and silver perps in September. Single stock perps already trade over $4.5T a year globally, almost all of it offshore.