Kalshi launched its first US equity-index perpetual on 6 October. Originally described as US500, the official product update now labels it US Large Cap and describes leveraged long or short exposure to 500 large US companies.[5][1]
The reference is a MerQube benchmark. The index provider describes 500 large US-listed and US-domiciled companies, float-adjusted market-capitalisation weighting and quarterly review. It should be identified by that methodology rather than labelled the S&P 500.[2][3]
Funding replaces the scheduled expiry
The contract has no scheduled expiry. Reuters describes periodic payments between long and short holders to help align its price with the reference market. Continued exposure therefore includes funding as well as trading costs and margin.[1]
Finance Magnates reports a 4 p.m. Eastern funding calculation on index business days, excluding overnight futures movements, and risk-based margin through Kalshi Klear. Those contract details remain attributed to the reporting: the operative exchange filing was not retrieved for this article.[2]
US equity perpetual: design and cost components
| Dimension | Reported design | Practical consequence |
|---|---|---|
| Return reference | MerQube US large-company benchmark. | A comparison with another index must account for constituent and weighting differences.Source 2Source 3 |
| Duration | No scheduled expiry; periodic funding. | Avoiding a roll does not eliminate carrying costs.Source 1 |
| Trading and valuation clocks | Extended weekly session; funding tied to index business days. | A tradable contract and a freshly calculated cash benchmark need not share identical hours.Source 2 |
| Access | Web, mobile and API trading reported at launch. | Different interfaces into the service; account permissions still apply.Source 4 |
Compare equivalent exposure
The cash-index valuation and derivative trading session can have different clocks. Outside the underlying share market’s hours, the last index observation and the current executable futures price describe different moments.[2][3]
FinanceFeeds reports fractional access to a linear, dollar-settled contract. Smaller order increments improve sizing flexibility, while the account’s current margin requirement determines the capital needed.[4]
A useful cost comparison uses the same notional exposure and holding period, including entry and exit charges, actual funding payments and margin committed. The product extends Kalshi beyond fixed-outcome contracts into a position whose index exposure continues until closed.[1][2]
Sources & further reading
- Kalshi launches stock index perpetual future to expand product suite Reuters, carried by MarketScreener · 6 Oct 2026 · Accessed 20 Oct 2026
- Kalshi Takes Perpetual Futures into US Equities After CFTC Approval Finance Magnates · 6 Oct 2026 · Accessed 20 Oct 2026
- MerQube US Large-Cap 500 Index family MerQube · Accessed 20 Oct 2026
- Kalshi goes live with a product FinanceFeeds · 7 Oct 2026 · Accessed 20 Oct 2026
- US Large Cap Perpetual — official 6 October product update Kalshi · 6 Oct 2026 · Accessed 29 Oct 2026