Kalshi, Coinbase and Payward race for US stock perpetual futures approval

Kalshi, Coinbase, and Payward are racing for U.S. stock perpetual futures approval. Kalshi filed with regulators on Friday to offer perpetual futures tied to individual U.S. stocks, putting it in competition with crypto exchanges. This crypto-native derivatives product is moving toward traditional equities, sparking a turf war over who gets regulatory approval first.