Kalshi has launched gold and silver perpetual futures for U.S. traders after the CFTC (U.S. derivatives regulator) approved the contracts. The products went live Thursday through Kalshi's website, giving the company a new business line beyond prediction markets and making gold and silver the first non-crypto assets cleared by the CFTC for perpetual-futures trading. Kalshi filed the request in July. The company entered perpetual futures through crypto after regulators cleared those products in late May. That market handled about $90 trillion in annual volume during 2025, and Kalshi says its crypto perpetuals have since reached $44 billion in notional volume, based on figures published on its platform. Udesh Jha, chief risk officer at Kalshi Klear, Kalshi's clearing house, said trader demand and inflation-related interest in metals drove the expansion. Kalshi also said contracts on metals and oil exceeded $400 million in trading volume within seven months, while its crypto event markets took twice as long to reach that level. A perpetual future has no expiration date; traders can gain exposure to price movements without owning the underlying asset, while periodic funding payments help keep the contract aligned with its spot price. In August, Kalshi filed for approval to offer perpetuals on U.S. equities, copper and foreign currencies. The launch comes as Cboe Global Markets and CME Group face pressure over the potential effect of perpetual futures on conventional futures markets. CME has sued the CFTC, arguing that the regulator approved the contracts through an improper process. Kalshi attributes the rapid growth of its perpetual-futures business to operating on a regulated platform with risk controls, contrasting it with unregulated venues that, Jha said, have historically reached a ceiling.