Kalshi expands into perpetual futures beyond crypto

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Kalshi targets precious metals

Highlights

Kalshi wants to launch precious-metals perpetual futures.
The contracts require CFTC approval.
Trading would begin 24 hours a day, five days a week.
Competition in U.S. derivatives markets is increasing.

The company has asked the Commodity Futures Trading Commission to approve the contracts under a 45-day review process, according to Bloomberg. If approved, the contracts would become the first U.S.-regulated perpetual futures linked to precious metals.

Kalshi expands beyond crypto

Perpetual futures, often called "perps," do not expire, allowing traders to maintain positions indefinitely while using leverage. The products have traditionally been associated with cryptocurrency exchanges but have recently attracted broader interest as investors look for continuous access to global markets.

Kalshi plans to launch the precious metals contracts with trading available 24 hours a day, five days a week, matching the schedule of the underlying gold, silver, and platinum markets. According to Chief Risk Officer Udesh Jha, the company will later evaluate whether to extend trading to a full 24/7 schedule.

The filing follows Kalshi's launch of crypto-linked perpetual futures, which made it the first U.S.-regulated platform to offer the products. That move drew increased attention from regulators and competitors, including CME Group.

Competition in derivatives intensifies

The proposal comes as exchanges compete to expand trading hours across traditional asset classes. Offshore platforms such as Hyperliquid already offer perpetual contracts tied to commodities, while established exchanges are responding by extending access to conventional futures.

The growing rivalry has also fueled regulatory disputes. CME sued the CFTC after the agency allowed Kalshi to introduce crypto perpetuals, while the regulator later declined to approve CME's proposal for continuous trading in oil futures. At the same time, CME is rolling out 24-hour trading in gold futures, putting the exchange in direct competition with Kalshi if the new products receive approval.

Kalshi said demand for perpetual contracts is also increasing in foreign exchange and equities, and the company is evaluating additional markets.

Reshaping commodity trading

The filing highlights how perpetual futures are moving beyond crypto into mainstream financial markets. Approval would broaden the range of regulated products available to retail and institutional traders while increasing competition with traditional futures exchanges. The decision may also influence how regulators approach continuous trading and leveraged derivatives as demand expands across multiple asset classes.

We have previously highlighted that Kalshi prepares for IPO amid revenue growth.

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