According to CoinMeta, Kalshi has applied to launch perpetual futures on individual stocks in the United States. They have submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) and will also submit the application to the Commodity Futures Trading Commission (CFTC) for approval. As of now, the application has not yet been approved. The related contracts do not have a preset expiration date; instead, the price will be maintained in line with the underlying stocks through regular funding fees between long and short positions. These contracts will be treated as securities and futures products and will be cleared through their registered clearing institution, Kalshi Klear. Meanwhile, the cryptocurrency exchange Coinbase has also submitted an independent application to offer perpetual futures on individual stocks. Payward has submitted a similar application through its subsidiary Bitnomial Exchange, with plans to initially cover 10 U.S. stocks including Tesla, NVIDIA, Apple, Microsoft, and Amazon, and to implement 24/7 trading five days a week.