The application details for perpetual contracts for individual stocks of Kalshi and Bitnomial have been announced, and the target market value must exceed $100 billion According to Foresight News, the US SEC announced in the Federal Register on September 23 that Kalshi and Kraken's parent company Payward's Bitnomial Exchange have submitted a request to change the rules of perpetual contracts for individual stocks, and are soliciting public opinions on this matter. The documents show that the two benchmark stocks have set similar listing thresholds, both requiring a market value of no less than $100 billion, an average daily turnover of no less than $450 million in the past six months, and over 20 million tradable shares. After the contract is launched, the underlying stock must continue to meet the maintenance standards of a market value of not less than 50 billion US dollars and an average daily turnover of not less than 200 million US dollars in the previous quarter, otherwise the relevant contract will be delisted or terminated from trading. Both contracts correspond to 100 shares of the underlying stock, and both prohibit executives and insiders of the underlying company from trading related contracts. Currently, both applications are awaiting approval from the US CFTC. \In terms of Kalshi, the minimum price change unit for the contract is 0.005 US dollars, and the customer margin ratio is not less than 15.5%, without distinguishing between initial margin and maintenance margin. Both long and short parties settle their funding fees at the close of each US stock trading day, with a maximum funding rate of 2%. Ordinary dividends will be reflected through the funding rate. The contract trading hours are from 18:00 on Sundays to 17:00 on Fridays (Eastern Time), with a limit of 50000 positions per subject. Kalshi Prime, a subsidiary of Kalshi, will serve as a futures commission merchant to provide trading intermediary services to clients, and will be regulated by the National Futures Association (NFA) in the United States. \In terms of Bitnomial, the minimum trading unit for contracts is 0.01 shares, the minimum price change unit is 0.01 US dollars, and the minimum initial and maintenance margin ratio for clients is 15.25%. The funding fees are settled three times a day at 3:00, 11:00, and 19:00 (Central Time), and are settled as usual on weekends and holidays. The contract trading hours are from 19:00 on Sundays to 17:00 on Fridays (Central Time in the United States), with a limit of 200000 positions per contract. Its affiliated company NinjaTrader Clearing will participate as a futures commission merchant, also supervised by NFA. Bitnomial stated that specific perpetual products for individual stocks will be submitted to the CFTC for approval separately. \Foresight News previously reported that Coinbase has submitted a perpetual contract application for individual stocks to the US SEC, followed by Kalshi's application on September 18th, and Kraken's parent company Payward's similar application through its Bitnominal Exchange.