Exchange Filings Open Race for U.S. Single-Stock Perpetual Futures

Coinbase, Crypto.com/Payward, and Kalshi reportedly filed proposals for U.S. stock perpetual futures, potentially offering 24/5 access, funding-based pricing, and no-expiration contracts. The products are not approved or launched; regulatory status, liquidity, funding costs, overnight gaps, contract terms, and investor protections determine whether any short-term opportunity emerges.