Kalshi plans to seek approval from the Commodity Futures Trading Commission as soon as next week for a perpetual futures contract linked to West Texas Intermediate crude oil that would trade around the clock five days a week without an expiration date. A person familiar with the matter told Bloomberg. If approved, it would be the first oil-linked perpetual futures product to trade on a regulated U.S. platform. Perpetual futures, commonly called perps, are derivatives without expiration dates that allow traders to maintain positions indefinitely without rolling them into new contracts. The CFTC sought public comments on extending standard futures contracts to 24/7 trading and allowing perpetual contracts linked to physically delivered or storable energy commodities, including crude oil. In July, the regulator halted the self-certified listing of a CME Group contract that would have introduced 24/7 crude oil futures trading while it examined whether the product complied with federal commodities law. On August 24, Ondo Finance submitted three comment letters to the SEC and CFTC urging U.S. regulators to bring perpetual futures tied to individual stocks onshore. Kalshi’s push into oil derivatives comes as its prediction-market business faces a separate jurisdictional dispute over whether federal commodities law preempts state gambling enforcement against event contracts traded on CFTC-regulated exchanges. On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and requiring it to maintain geofencing that blocks Michigan residents. On Wednesday, New Jersey asked the U.S. Supreme Court to resolve the jurisdictional dispute after federal appeals courts reached conflicting decisions in cases involving New Jersey and Nevada. Cointelegraph has approached Kalshi for comment.