Kalshi launched a perpetual futures contract tied to the MerQube US Large Cap Index, allowing traders to take leveraged long or short positions on 500 of the largest U.S. companies.
The CFTC approved the product following Kalshi's filing in August. The launch moves the firm closer to operating as a full-service U.S. financial exchange.
Kalshi's US 500 perp uses a funding rate mechanism—periodic payments between long and short holders designed to keep the contract price aligned with the underlying index. When the contract trades above the index due to strong demand for leveraged longs, long traders pay shorts. These daily payments narrow price gaps between the contract and index.
The platform displayed maximum leverage of 15.3 times on launch day. CEO Tarek Mansour characterized the move as bridging Kalshi's event-based markets to traditional market exposure.
Unlike index funds, perpetual futures require active position management. Cumulative funding paid or received can materially impact profit or loss, making them distinct from direct index exposure. Traders typically use perps for shorter-term positioning or hedging, where near-term price moves matter more than ongoing funding costs.
Kalshi is also seeking regulatory approval for a perpetual West Texas Intermediate crude oil contract, signaling expansion into commodity derivatives and more direct competition with established exchanges.
