Kalshi, Coinbase stock perps under threat ahead of CFTC deadline

Tomorrow will be a climactic moment in a competitive battle between the Chicago Board Options Exchange (CBOE), Kalshi, and Coinbase over stock “perps,” a crypto-inspired derivative that uses perpetually-rolling futures funding to create leveraged instruments for betting on stock prices. Despite a US district judge leaning toward a conclusion that “the CFTC lacks statutory authority to allow perpetual derivatives on individuals stocks to be offered to retail investors,” tomorrow, Michael Selig’s commission must explain why that preliminary conclusion about perps is wrong if it wants to file an opposition.