Crypto-Style Perpetual Futures Will Soon Be Available For Individual Stocks. Here's What Investors Need to Know.

The CFTC has approved single-stock perpetual futures for U.S. trading, opening a crypto-style derivative with built-in leverage and no expiration date to individual equities. Kalshi launched the first regulated single-stock perps in early November.

Perps position as a simpler alternative to traditional options. Options force traders to manage expiration dates; perps remove that variable. Interpretation: the product targets active retail traders who want leveraged directional exposure without rolling contracts.

Competition is forming. TradeXYZ is positioning to enter the market. Charles Schwab (SCHW) is also preparing a move, a notable signal given the scale of its brokerage platform. Its preferred shares SCHWPD and SCHWPJ trade separately from the common stock, but the product push centers on SCHW itself.

The obstacle is legal. Wall Street trade groups have mounted challenges that could delay broader adoption by major brokerages. Interpretation: Kalshi holds a first-mover window precisely because larger incumbents face the most regulatory and legal friction before launch.

The source names no pricing, leverage ratios, or launch dates for TradeXYZ or Schwab, so timing of any competitive entry remains open.