Kalshi opens single-stock perpetual contract trading for Apple, Amazon, and others

Kalshi has launched single-stock perpetual futures, with Apple, Amazon and AMD contracts trading on November 5 for approved U.S. users who can go long or short with leverage without holding shares or rolling contracts. Estimated leverage stood at roughly 4.96x for Apple and Amazon and about 3.36x for AMD as of 23:05 Beijing time, while Apple's contracts saw about $4.61 million in notional volume over the prior 24 hours, with leverage varying by stock and position size. The rollout matters because it brings perpetual-style derivatives to U.S. equity exposure, but the underlying regulatory approval is being challenged in court. A federal judge declined an emergency stay of the approval while indicating the challengers' argument that the CFTC lacked authority to approve single-stock perps as securities futures products may succeed, though that view is not a final ruling. Watch the litigation and whether volumes and leverage deepen across the initial three names.