Kalshi pushes perpetual futures into U.S. oil market

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Kalshi targets oil futures

Highlights

Kalshi wants to launch a perpetual WTI future.
The CFTC has 45 days to review the proposal.
The contract would trade 24 hours a day, five days a week.

If approved, the product would become the first crude-linked perpetual future offered on a regulated U.S. platform. The Commodity Futures Trading Commission has 45 days to approve or reject the proposal, which cannot be introduced through the self-certification process available for some other contracts, Bloomberg reports.

Kalshi brings perpetual futures to oil

Perpetual futures, commonly called perps, differ from conventional commodity futures because they do not mature on a fixed date. Kalshi plans for its WTI-linked contract to trade 24 hours a day, five days a week, removing the need for traders to roll positions from one expiry into another.

The filing comes during a volatile year for crude. WTI futures have moved across a range of roughly $60 a barrel since the beginning of 2026, with the Iran conflict and disruptions to global energy flows contributing to sharp price moves.

Kalshi has already been expanding its commodity business. Trading volume in commodity markets on the platform was approaching $400 million by early September, according to figures provided by the company.

CME retreat leaves an opening

Kalshi's application follows a setback for another attempt to extend oil-market trading hours. CME recently shelved plans for a round-the-clock oil contract after resistance from parts of the industry and regulatory scrutiny.

The two proposals take different approaches. CME sought continuous trading while retaining the expiration cycle used by traditional oil futures. Kalshi instead proposes weekday trading around the clock with no expiration at all.

Concerns surrounding extended-hours crude trading are closely tied to the physical market. Benchmark prices are used to value oil cargoes and other transactions, making reliable price formation important beyond financial derivatives trading.

A test for regulated commodity trading

The CFTC decision could determine whether perpetual contracts gain a foothold beyond crypto assets in regulated U.S. markets. Applying the structure to WTI would connect a relatively new derivative format with one of the world's most important physical commodity benchmarks.

Approval would also give traders a way to maintain oil exposure without repeatedly moving positions between expiring contracts. A rejection, meanwhile, would reinforce the regulatory divide between established commodity futures structures and perpetual products as exchanges compete to broaden access to volatile markets.

We also reported Kalshi seeks CFTC approval for margin trading on U.S. event contracts.

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