Plus500 Ltd (LSE:PLUS) has launched Kalshi perpetual futures through its US futures commission merchant, becoming the first FCM, excluding Kalshi Prime, to offer the contracts on the CFTC-regulated Kalshi Exchange. The company did not disclose any financial impact from the launch.

What was announced

FTSE 250 constituent Plus500 Ltd said on 28 October 2026 that it has made Kalshi perpetual futures ("perps") available to its clients through its US futures commission merchant (FCM). According to the announcement, Plus500 is the first industry FCM, excluding Kalshi Prime, to offer perps traded on the Kalshi Exchange, which is regulated by the US Commodity Futures Trading Commission (CFTC).

The company described the launch as the latest step in its expansion in the US and in its technology-led partnership with Kalshi. Plus500 already offers Kalshi's prediction markets products, so the perps launch extends an existing relationship rather than starting a new one.

How the product works

Perpetual futures are derivative contracts with no expiry date. This means traders can hold positions indefinitely without needing to roll them over into a new contract, as they would with conventional dated futures. The announcement notes that such contracts have previously traded largely outside US regulatory oversight.

Kalshi launched what the announcement describes as the first CFTC-regulated perps contract in the US in May 2026. Since then it has added perps referencing cryptocurrencies, commodities and indices.

Plus500 said it executes, routes, clears and manages risk for these contracts on its own proprietary technology. It clears perps directly as a clearing member of Kalshi Klear, which the announcement calls "the world's only tech-first derivatives clearinghouse". The contracts are available across Plus500's B2B and B2B2C channels. The company said its US exchange-traded operations provide end-to-end services covering execution, order routing, API connectivity and clearing.

Management comment and strategy

Chief Executive David Zruia said: "Becoming the first US FCM to offer Kalshi perps represents another significant milestone". He also described the arrival of perps on a fully regulated US exchange as a significant development for the industry.

Tarek Mansour, Chief Executive of Kalshi, said that "Plus500 was the natural choice to support our expansion into perpetual futures", and the release states that "Plus500 is a partner of choice for Kalshi".

Plus500 (LSE:PLUS) said the launch broadens its product range, deepens its US footprint and strengthens engagement with its partner network. The company said it aims to capture early market share in what it describes as a fast-growing category. These are the company's own characterisations. The announcement contains no financial targets, revenue estimates, client numbers or volumes for the new product, so the commercial contribution cannot be assessed from this release.

About Plus500

Plus500 describes itself as a multi-asset fintech group operating proprietary technology-based trading platforms. Its products include over-the-counter contracts for difference (CFDs), share dealing, and futures and options on futures. It is regulated in 16 jurisdictions, including the UK, US, Australia, Israel, Singapore, Japan, Canada and India. It offers more than 2,500 underlying OTC instruments across shares, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies, and customers can trade in more than 60 countries and 30 languages. The company was admitted to trading on the London Stock Exchange on 24 July 2013.

Investor enquiries were directed to Elad Even-Chen, Chief Financial Officer, and Owen Jones, Head of Investor Relations, with FTI Consulting handling media.

What to watch next

The company said it "will seek to expand its perps offering as additional contracts become available", which makes the pace at which Kalshi lists new perps contracts a relevant factor. Investors may look to Plus500's next trading update or results for any disclosure on take-up of perps and on the contribution of its US futures business. Regulatory developments affecting perpetual futures in the US may also be relevant, given that the product category has only recently come under CFTC oversight.