Kalshi seeks CFTC approval for gold and commodity perpetual futures

Kalshi is seeking to expand its perpetual futures business beyond crypto, filing with the Commodity Futures Trading Commission to launch perpetual futures tied to gold, silver and platinum as competition over the product spreads into traditional asset classes. The filing enters a 45-day CFTC review process rather than the self-certification route commonly used for many event contracts. The proposed precious-metals perpetual futures would initially trade 24 hours a day, five days a week, matching the schedule of the underlying markets rather than the 24/7 structure used in crypto-linked perpetuals. Udesh Jha, Kalshi's chief risk officer, said the company is also considering whether to extend trading hours and is actively reviewing other asset classes including foreign exchange and equities. Kalshi's push follows the CFTC's May 29, 2026 approval of its Bitcoin perpetual futures contract, BTCPERP, the first U.S.-regulated Bitcoin perpetual futures product. Kalshi has reported $16.1 billion in perpetual futures trading volume since launch, and a July 9 report said it had been discussing expansion into metals, foreign exchange and energy. Offshore perpetual trading volumes have reached about $90 trillion over the past year, underscoring how much demand for the no-expiry, funding-rate-based product has developed outside the U.S. regulatory perimeter. Perpetual futures are no-expiry derivatives that allow leveraged exposure and have historically been concentrated in crypto markets. Their use has drawn wider attention recently as newer platforms such as Hyperliquid listed contracts tied to real-world assets including gold and crude oil, increasing pressure on established exchanges to broaden access and trading hours. Kalshi became the first platform to offer perpetual futures under U.S. regulation after the CFTC allowed its crypto-linked launch, a move that prompted CME Group to sue in June.