Kalshi Seeks CFTC Approval for Gold, Silver, and Platinum Perpetual Futures

Kalshi has taken another step in expanding its derivatives business by applying to the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts for gold, silver, and platinum. The move follows the company's recent entry into crypto perpetual futures and reflects its broader push into traditional commodity markets.

According to Bloomberg, Kalshi submitted the proposed products through the CFTC's self-certification process. Under this framework, the regulator has up to 45 days to determine whether the contracts comply with U.S. regulations or require further review.

Unlike traditional futures contracts, perpetual futures do not have expiration dates, allowing traders to keep positions open indefinitely without rolling them into new contracts. Funding payments between traders help keep contract prices closely aligned with the value of the underlying asset, a structure that first gained popularity in cryptocurrency markets.

Kalshi plans to offer the precious metals contracts for trading 24 hours a day from Monday through Friday, matching the trading schedule of the underlying gold, silver, and platinum markets. Chief Risk Officer Udesh Jha said the company may consider extending trading hours in the future.

Demand for perpetual contracts tied to traditional assets has increased in recent months, with several crypto-native exchanges already offering products linked to commodities such as gold and crude oil. Interest also surged during the recent U.S.-Iran conflict, when crypto-based perpetual markets continued operating while many conventional futures exchanges were closed.

Kalshi's latest expansion comes despite an ongoing legal dispute involving CME Group. Earlier this year, Kalshi became the first regulated U.S. exchange approved to offer crypto perpetual futures, including Bitcoin, Ethereum, and XRP contracts. CME later sued the CFTC, arguing that perpetual contracts should be classified as swaps rather than futures. Kalshi has maintained that the lawsuit will not disrupt its product roadmap.

Competition in the derivatives industry continues to intensify. While the CFTC recently rejected CME's proposal for continuous oil futures trading, the exchange is preparing to introduce 24/7 gold futures, increasing competition in the evolving precious metals derivatives market.