Kalshi expands futures offerings with gold and silver perps in the U.S.

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Kalshi gold & silver futures

Highlights

Kalshi receives CFTC approval to launch perpetual futures for gold and silver, marking its first non-crypto perps rollout in the U.S., starting Thursday.
Kalshi’s crypto perpetual futures have generated $44 billion in notional volume since late May, with commodity event contracts surpassing $400 million in seven months.
Shares of Cboe and CME Group decline after Kalshi unveils new perps, amid concerns these products could disrupt established exchange models; CME is suing the CFTC to block approval.

Precious metals rollout after CFTC clearance

As first reported by CNBC, Kalshi says it has received approval from the Commodity Futures Trading Commission to list perpetual futures linked to gold and silver, after filing for the products in July. The contracts launch on Thursday, adding precious metals to the company’s growing roster of perpetual futures offerings.

Perpetual futures, or perps, are contracts with no expiration date that track the price of an underlying asset without requiring investors to hold that asset directly. The CFTC’s approval for gold and silver is the first clearance for Kalshi to list non-crypto perpetual contracts.

Udesh Jha, chief risk officer at Kalshi Klear, says the company chooses metals as its next perp category because of strong user interest in commodities. He says gold and silver carry a clear inflation-related trading narrative, helping support demand for the new products.

Trading growth and pressure on established exchanges

Kalshi first wins approval for crypto-linked perpetual futures in late May, bringing the product onshore to the U.S. for the first time, the company says. Since then, those contracts have generated $44 billion in notional volume, according to Kalshi’s website, while the broader asset class records $90 trillion in annual volume in 2025.

Demand is also showing up in Kalshi’s commodity-related event contracts covering metals and oil. The company says trading volume on those contracts surpasses $400 million over seven months, reaching that level in half the time its crypto event contracts need.

Kalshi is also seeking approval for perpetual contracts tied to U.S. equities, copper and currencies. The expansion is drawing attention across the futures sector, where shares of Cboe and CME Group fall after Kalshi’s perp launch on concern that the structure could challenge existing exchange models; CME is also suing the CFTC to block approval of perps in the U.S.

Jha says the early traction in Kalshi’s perpetual futures business rests on its regulated structure and risk controls. He argues that regulated platforms are better positioned to sustain growth than unregulated competitors.

Our earlier coverage of investors watching U.S. inflation data explained how equity futures tried to rebound while oil pushed above $100 and Treasury yields stayed elevated, keeping rate-hike expectations in focus. We noted that these crosscurrents—energy-driven inflation pressure and tighter financial conditions—were weighing on risk sentiment even as select corporate news moved individual stocks.

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