Kalshi, Coinbase stock perps under threat ahead of CFTC deadline

Dextape brief

By Dextape Desk · November 5, 2026

A judge in Manhattan is weighing whether the CFTC can permit perpetual futures on individual stocks sold to retail investors, and the agency faces a deadline. The challenge was filed Tuesday by the Capital Markets Alliance, a trade group whose members include the Chicago Board Options Exchange and Citadel Securities. It seeks to halt approvals for stock perps. Kalshi began offering several on Tuesday, with leverage of up to 4.9 times, and dozens now include Nvidia, Tesla and SpaceX. Judge Valerie Caproni declined to issue an immediate restraining order, but she said the group appears likely to win on the merits and called the products a major disruption to equities trading. The CFTC must answer by Friday, November 6. If the court grants the motion, dozens of stock perps could be suspended.

Why it matters: The case could determine whether leveraged stock perpetuals offered to retail traders on US-regulated venues stay available, shaping a fast-growing segment of crypto derivatives.

Mentioned: Coinbase

Summary by Dextape, based on reporting by Protos. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.