Four US Venues Filed for Single-Stock Perpetual Futures in Eight Days

On September 25, OG.com Markets filed proposed rules with the CFTC to list cash-settled single-stock perpetual futures, contracts that never expire and trade 24 hours a day, five days a week, according to Cointelegraph. It is the fourth such filing in eight days. Coinbase, Kalshi and Kraken parent Payward through Bitnomial filed comparable requests on September 18. No equity-linked perpetual futures trade in US markets today, and four venues now want to be the first to list them.

Four Filings, Eight Days, One Instrument Class

OG.com Markets is the prediction markets and derivatives platform spun out of Crypto.com as an independent entity valued at $5 billion, run by chief executive Kris Marszalek, per Cointelegraph. Robinhood holds an equity stake as part of a multi-year deal to route activity through the CFTC-regulated derivatives exchange, which makes the filing a distribution question as much as a product question.

Kalshi filing is the most specific in public reporting. Crypto Briefing puts it at up to 58 large-cap US stocks and ETFs with a minimum $100 billion market capitalization, naming Apple, Microsoft, Tesla and Nvidia among the candidates, cash settled, cleared through the Kalshi Klear clearinghouse and traded on a central limit order book.

Coinbase Derivatives proposes roughly 50 to 60 liquid US equities and ETFs on a 24/5 schedule with funding adjustments on an hourly basis, per the same report. Both venues already hold CFTC approval for crypto perpetual futures granted in May 2026, so the equity filings extend an approved mechanism to a new underlying rather than inventing one.

Four filings inside eight days is not four independent decisions. It is a queue forming because everyone believes the regulatory door opened.

The Funding Rate Has to Price a Market That Is Closed

Here is the design problem none of the public reporting resolves. A crypto perpetual funds against an index that prints continuously, so the funding rate measures a real basis between contract and spot at every moment it is computed. An equity perpetual has no such luxury.

The contracts as described trade 24 hours a day, five days a week, while the underlying cash market is open for only a fraction of those hours. For most of the contract trading life there is no live primary-market print to anchor against. Coinbase hourly funding schedule, applied to an instrument whose underlying is closed, spends the majority of its computations referencing something other than a simultaneously trading share.

That does not make the mechanism broken. It makes funding a sentiment measure during closed hours and a basis measure during the session, which is two different signals wearing the same name. Any trader who reads an equity perp funding print the way they read a BTC perp funding print will mistake overnight positioning pressure for an arbitrage spread.

The tell will be the transition. Watch what funding does in the hour before and after the cash open, because that is where an accumulated overnight drift has to reconcile with an actual reference price.

Margin Near 15 Percent Sets the Liquidation Geometry

Crypto Briefing reports a minimum margin requirement around 15.5% on the Kalshi contracts, which works out to roughly 6x notional exposure per dollar posted. That is conservative next to crypto perps and it changes the character of the book.

Higher margin means liquidation clusters sit further from spot, so a single gap is less likely to cascade. It also means the positions that do get liquidated are larger in notional terms, because participants need real capital to hold meaningful size. Fewer, heavier forced exits produce a different liquidation map shape than the dense ladders crypto traders are used to reading.

The overnight gap is the risk that has no crypto analogue. An equity that halts on news, reports earnings after the bell, or opens materially away from the prior close creates a move the perpetual cannot hedge into a closed cash market. Margin set at 15.5% is a statement about exactly that scenario.

Shad-Johnson and a Two-Commissioner SEC

Because the underlying instruments are securities, these products sit under joint SEC and CFTC oversight through the security futures framework and the decades-old Shad-Johnson Accord, per Crypto Briefing. That is a slower path than a CFTC self-certification, and it is a path that runs through an agency currently shedding people.

CoinDesk reported on September 25 that SEC commissioner Hester Peirce, the agency most consistent crypto advocate, departs next week, leaving a two-commissioner SEC. An approval track requiring coordinated action from both regulators does not get faster when one of them is short-staffed.

There is also organized opposition. CME Group has litigated against the regulatory framework enabling perpetual futures, questioning whether existing structures address the risks specific to contracts that never expire, according to the same report. The incumbent with the most to lose from 24/5 equity perps is already in court.

What Carries Over From Hyperliquid Perps and What Does Not

The funding mechanism, the central limit order book and the cash settlement all carry over directly. A trader who understands why funding flips negative when a perp trades under index needs no retraining to read an equity perp print.

What does not carry over is the assumption of a continuously observable reference. On Hyperliquid you can compute a basis at any second because both legs exist at any second. On a single-stock perpetual, the basis is defined only during the session and estimated the rest of the week, and the estimate is where the mispricings will live.

The tooling habit that transfers best is watching funding and open interest together rather than separately. Funding alone tells you what positioning costs, open interest alone tells you how much of it exists, and only the pair tells you whether a crowded side is being paid to stay or paid to leave. Buildix tracks funding rate and open interest side by side across Hyperliquid perps and HIP-3 markets at buildix.trade/screener, which is the same read a trader will want the day US equity perps list.

Nothing on these filings is approved yet, and the two-regulator route means the calendar is genuinely uncertain. What is already settled is that the funding rate, an instrument invented to keep a crypto contract honest against a market that never sleeps, is being fitted to an underlying that closes every afternoon. That fit is where the first real trades will be won and lost.