Kalshi has filed a proposed rule change with the Securities and Exchange Commission to add Chapter 14 to its rulebook, enabling the listing of perpetual securities futures on U.S. stocks and ETFs. These contracts have no fixed expiration date and maintain price alignment with spot markets through periodic funding rate exchanges between long and short positions, with clearing handled by Kalshi Klear. Eligible underlyings must meet strict liquidity and size thresholds, including deliverable supply exceeding 20 million shares, market capitalization of at least $100 billion, and average daily trading volume above $450 million over the prior six months. Most contracts will represent 100-share units.