Kalshi is applying to the CFTC for precious metals perpetual futures, expanding beyond crypto. The move challenges CME and opens 24/7 trading.
Kalshi filed with the Commodity Futures Trading Commission to offer perpetual futures on gold and silver, with plans to add platinum, according to a Bloomberg report published Tuesday. The contracts would go through the CFTC's self-certification process, giving the regulator 45 days to approve or reject them.
The proposed products carry no expiration date. Traders can hold positions open without rolling into new contracts, a structure that differs from traditional futures. Kalshi plans to offer 24-hour derivatives trading Monday through Friday, aligning with the underlying precious metals markets' hours. The company will consider weekend trading later, Chief Risk Officer Udesh Jha said.
Perpetual futures first gained traction in crypto markets, letting traders take leveraged exposure without a settlement deadline. The price stays near the underlying asset through periodic funding payments between long and short positions. In recent months, several crypto-native platforms launched commodities-based perpetuals, including gold and crude oil contracts. Those platforms kept operating during the US-Iran conflict when conventional futures markets were closed, fueling demand.
Kalshi became the first regulated US marketplace to offer crypto perpetual futures earlier this year, listing Bitcoin, Ethereum, and XRP contracts. CME Group sued the CFTC in June, arguing perpetual contracts should be classified as swaps, not futures. Kalshi says the lawsuit will not affect its product plans.
The filing adds pressure on CME, which is preparing to offer gold futures trading 24/7. The CFTC recently rejected a CME proposal to trade oil continuously. Competition in precious metals derivatives is intensifying as exchanges push for round-the-clock access.
CME Group carries an Alpha Score of 59 out of 100, labeled Moderate, in the Financials sector. MicroStrategy, which holds large Bitcoin reserves, scores 29, labeled Weak, in Technology. The CFTC has 45 days to decide on Kalshi's contracts. CME's lawsuit over crypto perpetuals remains pending.
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