What happened.

Cointelegraph reports that Kalshi has filed its own proposal to offer perpetual futures tied to individual stocks to US traders. The filing brings the product class to at least three US applicants in the supplied record: Kalshi, Coinbase and Bitnomial. The record does not establish that any of these products has been approved or launched.

Why it matters.

The development expands a pending contest over whether and how single-stock perpetual futures may be offered in the US. The supplied regulatory-watch note says a decision affecting these filings could set precedent for the wider product class, because three applicants are now pending. That makes the filing relevant beyond Kalshi alone, while leaving the eventual regulatory outcome unresolved.

What to watch next.

The clearest next receipt is a regulatory decision or an official filing-status update for Kalshi, Coinbase or Bitnomial. Such an update would show whether the pending proposals advance, change, or remain unresolved. Until then, the reported filing is evidence of an application, not evidence that US traders can access the proposed contract.

What to watch

A regulatory decision or official filing-status update involving Kalshi, Coinbase, or Bitnomial.

Sources and limits

Upstream references and independent checks

Digest dated 2026-09-20 · upstream model sonnet. Direct links are matched to all 1 upstream source IDs.

  1. 1
    Kalshi joins Coinbase with own filing for US stock perpetual futuresDirect upstream source · b1d78808e695fc2018674fce4d8aa9f86d27b629
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This Research brief was generated by Terra from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: This account relies on one approved reporting source, with no primary filing material supplied, and the outcome remains pending.