Coinbase, Kalshi and Jump Trading Urge Judge to Keep Single-Stock Perps Trading

Six crypto and trading firms, led by Coinbase and Kalshi , have asked a federal judge in New York to let perpetual futures on individual U.S. stocks keep trading, siding with the Commodity Futures Trading Commission (CFTC) against a trade group that wants the products pulled. In a friend-of-the-court (amicus) brief filed Nov. 9, Coinbase, Kalshi, Payward (which owns Kraken and Bitnomial), DRW, Jump Trading and Paradigm urged the court to reject the preliminary injunction the Capital Markets Alliance Association is seeking. The court has already turned down the group’s bid for a temporary restraining order, the brief says. Perpetual futures, or perps, are derivatives that never expire; regular funding payments between longs and shorts keep their price near the underlying asset’s.

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