Kalshi is planning to seek U.S. regulatory approval for around 60 perpetual futures tied to individual stocks and ETFs, potentially extending a product popular in crypto markets into traditional equities.

The proposed contracts could cover major names such as Tesla, Apple and Nvidia and may trade 24 hours a day. Approval would make them the first regulated perpetual futures linked to individual U.S. stocks.

Unlike traditional futures, perpetual contracts have no expiration date. They allow traders to take long or short positions, often with leverage, while periodic funding payments help keep prices aligned with the underlying asset. Perpetuals have become a major part of crypto trading since BitMEX introduced them in 2016, with platforms such as Hyperliquid now offering leveraged contracts on bitcoin and hundreds of other tokens around the clock.

A Tesla perpetual, for example, could continue trading overnight and throughout weekends when the Nasdaq is closed. This could provide investors with a continuous gauge of market sentiment and potential stock valuations ahead of the next regular session.

The proposal has also intensified a regulatory dispute over whether stock-linked perpetuals should fall under the Commodity Futures Trading Commission or the Securities and Exchange Commission.

Kalshi received CFTC approval in May for a bitcoin perpetual classified as a futures product. However, the regulator indicated that perpetual contracts tied to other asset classes would need to be reviewed individually.

Citadel Securities has argued that perpetuals based on U.S. public companies should remain under SEC supervision. In a Thursday letter to the SEC and CFTC, the firm warned that moving such products outside the securities framework could create a “parallel shadow market” disconnected from surveillance systems covering U.S. stocks and options.

Citadel also pointed to potential market-integrity concerns. Someone with confidential earnings information could potentially trade a stock perpetual while the underlying market is closed. Likewise, a company could announce significant news during a trading halt while its perpetual contract continues to move.

According to Citadel, SEC oversight helps connect surveillance across stocks, options and related products, making it easier to identify insider trading or attempts to manipulate one market through another. Rules covering trading halts, order handling and market access may also differ under a separate regulatory regime.

The dispute ultimately raises a broader question: whether crypto’s 24/7 trading model can be incorporated into traditional equity markets that still operate according to fixed trading hours.