Citadel and CBOE are suing Kalshi over stock Perps. At first it looks like a classic Tech vs TradFi story, but in reality it's a Wall Street civil war. The issue at stake is whether crypto-style Perps can be sold to retail, and lines are drawn based on who stands to profit. On Kalshi's camp: - Hudson River Trading - Don Wilson's DWR (his son works at Polymarket) - Jump Trading Against Kalshi: - Citadel - CBOE - NASDAQ The anti-perps camp are firms that control the current retail stock trading flow and make their profit by trading against it. Citadel alone execute 35% of retail stock trades and even PAYS brokers to send them more retails to fleece. So what would happen if retails were allowed to trade perps instead ? Citadel and such would inevitable lose some of their flow to perps. The pro-Perps camp is firms that aim to capture that new flow. Jump Trading, HRT and DWR all market make on Kalshi and would be the ones trading against it. This fight is not about principle or law. It's about who is allowed to farm retail.