Kalshi seeks approval for perpetual precious metals futures in U.S.

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Kalshi perpetual metals futures

Highlights

Kalshi filed with the CFTC on Tuesday for approval to offer perpetual futures on gold, silver, and platinum, expanding its U.S. product lineup.
Perpetual futures' 24/7 trading and leverage appeal fueled demand from retail traders, intensifying competition with traditional exchanges like the Chicago Mercantile Exchange.
CME sued the CFTC in June over the agency's approval of crypto-linked perpetuals, arguing for stricter swap regulation, while Kalshi dismisses CME's claims as conflicted.

Precious metals expansion and regulatory filing

As first reported by Financial Times, Kalshi on Tuesday asked the Commodity Futures Trading Commission for approval to offer perpetual futures linked to precious metals, extending a product push that has already brought crypto-based perpetuals onshore in the U.S. The proposed contracts would cover gold, silver and platinum and would add to Kalshi’s existing commodities-related prediction market offerings, which already include markets tied to assets such as oil and gold but not in perpetual format.

Perpetual futures have gained traction this year among retail traders because they allow round-the-clock bets on market direction and let users apply leverage to increase exposure. Unlike standard futures, these contracts do not expire and instead typically settle multiple times a day, a mechanism designed to keep prices aligned with the underlying spot market while unrealised profits and losses are updated continuously.

Pressure on incumbent exchanges grows

Newer venues such as Kalshi are strengthening their position in 24/7 trading, increasing competitive pressure on traditional exchanges that are trying to respond with rival products. The Chicago Mercantile Exchange has attempted to compete in this area, but its earlier effort to launch a round-the-clock oil future was blocked by the CFTC, while CME is this week rolling out a 24-hour gold future that still carries an expiry date.

The regulatory debate is also intensifying. CME sued the CFTC in June over the agency’s decision to allow Kalshi and other groups to launch perpetuals tied to crypto prices in the U.S., arguing that the products do not meet the definition of futures and should instead be treated as swaps, which face tighter regulation. In its Tuesday filing, Kalshi says CME’s objection is conflicted and calls the argument a red herring.

Interest in perpetuals has accelerated as traders seek ways to react to market-moving events outside normal exchange hours. Earlier this year, when U.S. President Donald Trump launched attacks on Iran on a Saturday in February, traders turned to oil-linked perpetuals on platforms such as Singapore-based Hyperliquid while traditional markets remained closed.

Our earlier article on CME Group’s new sorghum basis futures contract explained how the exchange is broadening its product slate with a physically delivered tool designed to help exporters, feed users, and biofuel participants hedge the sorghum-to-corn price spread. We also noted that the launch, pending regulatory review, comes alongside strong activity in CME’s agricultural complex, underscoring how incumbent venues are using new listings to defend and grow market share.

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