Kalshi files for CFTC approval on 3 precious metals perpetuals

Kalshi Inc. filed with the Commodity Futures Trading Commission to launch perpetual futures on gold, silver and platinum, seeking to expand its crypto-born derivatives business into traditional precious metals markets.

"Perpetual contracts could provide lower costs and additional tools for managing risk compared with traditional futures," Udesh Jha, chief risk officer at Kalshi, said. The contracts would initially trade 24 hours a day from Monday through Friday, matching the hours of the underlying metals markets, Jha said, adding that the company may later assess whether to expand those hours.

Kalshi recorded $16.1 billion in trading volume since launching crypto perpetuals earlier this year, becoming the first US-regulated venue to offer the products. The filing was submitted under a review process that gives the CFTC 45 days to approve or reject the contracts, rather than the self-certification process typically used for event contracts.

The push into precious metals comes as competition between traditional exchanges, prediction markets and offshore crypto venues heats up. Hyperliquid, a decentralized exchange, already offers perpetual contracts tied to gold and crude oil. CME Group, the world's largest futures exchange, is launching continuous gold futures trading this week, placing it in direct competition with Kalshi's proposed products.

Regulatory Crosscurrents

CME Group sued the CFTC in June after the agency allowed Kalshi to launch crypto-linked perpetuals, arguing the contracts should be classified as swaps rather than futures and subjected to stricter regulation. The lawsuit could clarify how the CFTC views perpetual futures under US commodities law. Jenner & Block withdrew from representing CME because of a conflict of interest, and former CFTC enforcement chief Aitan Goelman has taken over the case.

The CFTC recently blocked a separate CME proposal to offer round-the-clock oil futures while continuing to review a longer-timeline application from the exchange. The regulatory tension shows the growing divide between traditional exchanges seeking extended trading hours and a regulator wary of new product structures.

Kalshi is also evaluating perpetual products tied to foreign exchange and equities, Jha said, as the company looks to expand the contracts into additional asset classes. The company had previously identified metals, currencies and energy as areas with growing retail demand.

If approved, Kalshi's precious metals perpetuals would give retail traders a new way to gain leveraged exposure to commodities without rolling positions, potentially drawing volume away from traditional futures markets that operate on limited schedules.

This article is for informational purposes only and does not constitute investment advice.