Prediction site Kalshi seeks approval for perpetual precious metal contracts

By the Editorial Team · Thursday, July 23, 2026

Kalshi has requested approval from the CFTC to offer perpetual futures contracts on precious metals such as gold, silver, and platinum, extending its push to provide continuously settled derivatives in the U.S. market. If approved, this would intensify competition with traditional exchanges like CME and further introduce 24/7 trading options that challenge existing regulatory and market structures.

Prediction market operator Kalshi has filed a request with the U.S. Commodity Futures Trading Commission (CFTC) to offer perpetual futures contracts tied to precious metals including gold, silver, and platinum. This move marks an extension of Kalshi’s efforts to disrupt traditional exchanges by providing derivatives that do not have a set expiration date.

Perpetual futures are a form of derivative popularized in cryptocurrency markets, enabling traders to speculate on asset prices at any time of day with leverage. Unlike standard futures contracts, which expire on a predetermined date, perpetual futures settle multiple times daily to keep contract prices aligned closely with real-time spot market values.

Kalshi’s application aims to broaden its existing offerings—currently including predictions on commodities such as oil and gold—to incorporate these continuous contracts. This aligns with growing demand for 24/7 trading options, a market segment that has expanded significantly this year. For example, during unexpected geopolitical events like U.S. attacks on Iran in February, traders turned to perpetual contracts tied to oil prices through platforms such as Hyperliquid, which operates outside U.S. jurisdiction.

The CFTC’s prior rulings this year have facilitated such innovation, granting approval to Kalshi and other firms to offer perpetual futures based on cryptocurrency prices. Previously, access to these products was confined mainly to offshore exchanges beyond U.S. regulatory oversight. Hyperliquid, a Singapore-based platform, remains a dominant player in perpetuals trading.

Kalshi’s expansion challenges traditional exchanges that operate under more restrictive trading hours. The Chicago Mercantile Exchange (CME) has attempted to respond with its own 24-hour futures products, including launching a round-the-clock oil contract earlier this year. However, that initiative was halted by the CFTC, and a related application is still under regulatory review. The CME is also rolling out a 24-hour gold futures contract scheduled for release this week, although this product will have a fixed expiration date rather than being perpetual.

Tensions between Kalshi and CME have escalated recently. Last month, CME filed a lawsuit against the CFTC over its decision to permit perpetual futures linked to cryptocurrencies, arguing that the commission’s approval conflicted with existing regulatory frameworks. Kalshi dismissed CME’s concerns as misplaced in a court filing submitted Tuesday, describing the objection as a "red herring."

As Kalshi pushes forward with its proposal for perpetual precious metal contracts, the outcome of the CFTC’s review will be closely watched by market participants, regulatory observers, and incumbent exchanges navigating the evolving landscape of derivatives trading.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.