Kalshi Stock Perps Go Live in the US: Leverage, Rules, Risks
The Update: Regulated Perpetual Futures on 50+ US Stocks
Crypto traders in the US can now trade perpetual futures on individual shares through a regulated venue. Kalshi stock perps were announced on November 5, 2026. They cover more than 50 NYSE- and Nasdaq-listed names, including NVIDIA, Tesla, and SpaceX.
The official announcement says users traded over $300 million shortly after a stealth launch. It says the company is the first in the US to offer the product. Social posts have also spread the news, so the official pages remain the best reference.
How the 0.02-Share Contract Works for Everyday Traders
Each contract covers 0.02 shares, so 50 contracts equal one share. At a $200 share price, one contract carries about $4 of exposure, per the help center.
Traders can go long or short, and positions settle in cash. There are no voting rights or other shareholder benefits.
A daily funding payment at 4:00 PM ET keeps the price near the underlying shares, much like in crypto perpetual futures.
Source: Crypto Rover X Post
What Kalshi Stock Perps Leverage Really Looks Like Today
Leverage reaches roughly 5x and varies by ticker, per the help center. On the live market page, multipliers run from 1.6x to 4.9x.
Ticker | Price | Multiplier | 24h volume | Funding rate |
SNDK | $856.00 | 1.6x | $38.3M | 0.0000% |
SPCX | $126.49 | 3.6x | $88.0M | 0.0000% |
GOOGL | $282.47 | 4.9x | $31.4M | 0.0000% |
Source: live market page, November 6, 2026
SPCX leads these listings with about $88.0 million in 24-hour volume, more than double SNDK. Funding rates read 0.0000% across the board at capture time. Volume and funding refresh constantly, and the live market page has current figures.
Regulators, Clearing and the Lawsuit Cloud Over the Launch
Kalshi stock perps count as security futures products, so the CFTC and the SEC share oversight. Clearing runs through a CFTC-regulated clearinghouse.
The contracts were filed under CFTC Regulation 40.3 and became deemed approved after review.
Traditional exchanges and market makers have challenged the classification, and trading continues while the court challenge proceeds.
Risks, Access Steps, and What to Watch Next for Traders
The exchange flags fast liquidation at high leverage, rising funding costs, and losses that can exceed margin. The market is also not 24/7, and prices can gap when it reopens.
Access takes KYC, a perpetuals application, a tutorial, and a separate funded account. The earlier crypto launch came in May 2026.
Kalshi stock perps bring a familiar offshore product onshore, with lower leverage. The open questions are the court case and whether volume holds. The exchange also faces separate Utah charges over alleged illegal gambling.
Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research before making investment decisions.
