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The perpetual contract has no expiration date, and that single structural feature creates the mechanism regulators and market participants examine in any new application of the format.
Without a settlement date forcing price convergence, a perp relies on a continuous funding-rate mechanism: periodic payments transferred between long and short holders whenever the contract's market price diverges from its reference index.
That design has made perps the dominant speculative instrument in cryptocurrency markets.
Kalshi, the regulated prediction-market exchange, has filed with regulators to bring the format to equity benchmarks, with a product it calls "US500" tied to the MerQube U.S.
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