The platform is pressing to add gold, foreign exchange and energy perpetual futures as Robinhood broadens its own regulated derivatives push and Google tightens rules on prediction market extensions.
Kalshi is seeking to broaden its perpetual futures business beyond crypto into gold, foreign exchange and energy, with chief risk officer Udesh Jha saying discussions with the Commodity Futures Trading Commission (CFTC, U.S. derivatives regulator) are at an advanced stage. The move would deepen competition with Robinhood as both companies push regulated derivatives offerings across multiple asset classes. Perpetual futures, or perps (futures without expiry), let traders hold positions indefinitely rather than rolling them over like standard futures. They can also involve high leverage, with traders sometimes borrowing up to 50 times the contract value. That structure has drawn criticism from market participants who warn retail investors may not fully understand the risks. CME's outgoing CEO Terry Duffy called the products a "disaster waiting to happen" in June. Kalshi said gold is a priority market because it appeals to both retail and institutional traders, while Jha said foreign exchange, metals and energy remain in demand because of geopolitics and seasonality. The company is also evaluating perpetual futures tied to broad-based indexes and individual stocks. Since launch, Kalshi's perpetual contracts have generated about $16.1 billion in trading volume, and Jha said much of that activity has come primarily from institutional investors. The expansion comes as Robinhood broadens its own offering. Earlier this month, Robinhood introduced multi-asset perpetual futures through Bitstamp, giving eligible customers access to cryptocurrencies, commodities, equity indices and foreign exchange through a single collateral pool, while industry reports have said it is also working toward U.S. perpetual futures pending regulatory approval. Separately, Google said it will ban Chrome Web Store extensions that facilitate real-money transactions on predictive outcomes starting Aug. 1, 2026, adding another pressure point for platforms including Kalshi and Polymarket amid broader legal and regulatory disputes over event contracts and state gambling laws.