Kalshi Offers Perpetual Futures on Apple, Amazon, AMD

Approved U.S. customers can now take leveraged long or short positions in three major tech stocks without owning shares or facing contract expiration.

Updated on Nov. 5, 2026 in Investing

Kalshi Offers Perpetual Futures on Apple, Amazon, AMD

Kalshi's perpetual futures on AAPL, AMZN and AMD were trading on November 5, 2026, offering leveraged stock exposure without share ownership or an expiration date. The contracts are subject to a legal challenge over whether the CFTC properly approved them.

Why it matters

The product gives U.S. investors a new way to speculate on large-cap tech stocks with leverage and daily funding exchanges. A federal judge has found challengers likely to succeed in disputing the CFTC's authority to approve the contracts as security futures.

Trading data shows AAPL contracts logged $4.61 million in 24-hour notional turnover, with estimated leverage of roughly 4.96 times for AAPL and AMZN and 3.36 times for AMD. Whether the CFTC's approval route survives the preliminary injunction challenge is still unresolved.

The players

Kalshi

Kalshi is a U.S.-regulated prediction-market and derivatives exchange that launched these stock-linked perpetual futures for approved American customers.

Capital Markets Alliance

The Capital Markets Alliance is a coalition whose members include Cboe, Citadel Securities and the Healthy Markets Association, challenging the CFTC's approval of the contracts.

Valerie Caproni

Valerie Caproni is a U.S. District Judge who found the contracts resembled swaps rather than security futures and that challengers were likely to succeed.

The details

Approved U.S.-based customers can take long or short positions without buying shares or rolling contracts at expiry. Daily funding payments are exchanged between long and short holders at 4 p.m. ET, and dividends trigger cash adjustments, with long holders receiving payments and short holders paying them. A registered futures commission merchant, Kalshi Prime, manages margin accounts, Kalshi Klear centrally clears the contracts, and customer funds are held separately from Kalshi's own money.

November 3, 2026: CFTC Chairman Selig stated equity perpetuals were deemed approved.
November 5, 2026: Kalshi perpetual futures begin trading on AAPL, AMZN and AMD.
November 6, 2026: Defendants' opposition to the preliminary injunction is due.
November 10, 2026: The Capital Markets Alliance's reply is due, subject to modification by the assigned judge.

Market Dynamics

The dispute turns on the Commodity Exchange Act's line between security futures and swaps, which determines which regulator and rules govern leveraged stock derivatives. A judge's finding that these contracts resemble swaps places the product on contested regulatory ground.

U.S. investors who trade these contracts pay daily funding and face leverage that magnifies gains and losses in AAPL, AMZN and AMD. Contracts can be closed at any time since they have no expiration, but a court ruling could change whether they remain available.

The takeaway

Leveraged perpetual contracts remove the expiration date that normally limits holding periods, so daily funding costs become the main ongoing expense to weigh. Investors should check whether their broker and the product's legal status are settled before committing capital.

What happens next

Defendants must file their opposition to the preliminary injunction by November 6, 2026, and the Capital Markets Alliance's reply is due November 10, 2026, subject to modification by the assigned judge.