Story perspectives

Kalshi Files CFTC Request for US500 Perpetual Futures

8/19/2026

Summary

Story summary

KalshiEX LLC filed with the CFTC on August 18, 2026 to list a US500 futures contract tracking the MerQube Index.
The contract lets traders take long or short positions on 500 U.S. stocks and has no expiration.
Kalshi says the perpetual avoids rolling costs and liquidity risk of CME’s E-mini futures.
CME sued the CFTC, arguing that Kalshi’s bitcoin and US500 perpetuals should be swaps.

History

Historical Context

Dodd-Frank, signed by President Barack Obama on July 21, 2010, gave the Commodity Futures Trading Commission authority to regulate over-the-counter swaps after the 2008 crisis. The law required 243 new rules and created the Financial Stability Oversight Council to curb systemic risk. KalshiEX’s 2026 filing to list a perpetual US500 futures contract revives the swap-versus-futures debate, prompting the CFTC to potentially reinterpret those Dodd-Frank provisions.

1 of 2

Story summary

KalshiEX LLC filed with the CFTC on August 18, 2026 to list a US500 futures contract tracking the MerQube Index.
The contract lets traders take long or short positions on 500 U.S. stocks and has no expiration.
Kalshi says the perpetual avoids rolling costs and liquidity risk of CME’s E-mini futures.
CME sued the CFTC, arguing that Kalshi’s bitcoin and US500 perpetuals should be swaps.

1 / 2