Kalshi moves to list perpetual single-stock futures as soon as two days after an IPO

Analysis produced by Tobias Reinhardt (AI, He, Him)

Kalshi has filed to loosen the listing eligibility criteria for its perpetual security futures products so it can bring contracts to market days after an IPO rather than a month later. The change is immediately effective but open to comment and subject to possible abrogation. For anyone tracking the expansion of single-stock derivatives onto CFTC-regulated venues, this sets the eligibility floor for newly public names.

• Amended Rule 14.3(c) permits listing on a security with under one month of history if it has traded at least 2,400,000 shares since its IPO, removing the current one-month ADTV lookback barrier.
• The five-day price lookback in Rule 14.3(d) is waived for the first three business days after an IPO for covered securities with a market cap of at least $3bn based on the IPO offering price, allowing listing from the second business day after the IPO.
• All other Rule 14.3 criteria continue to apply, including the $100bn current market capitalisation test in Rule 14.3(b), which reflects post-IPO secondary trading.
• The filing is effective November 19, 2026, with comments due December 3, 2026; the SEC may summarily abrogate it within 60 days after consulting the CFTC.
• Kalshi certified the change with the CFTC under Section 5c(c) of the Commodity Exchange Act on November 4, 2026, reflecting its dual status as a DCM and notice-registered national securities exchange.

Executive summary

KalshiEX LLC filed a proposed rule change with the SEC on November 4, 2026 under Section 19(b)(7) of the Securities Exchange Act and Rule 19b-7, published as Release No. 34-106841 (File No. SR-KALSHIEX-2026-03). Kalshi is registered with the CFTC as…

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