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Prediction-market platform Kalshi is seeking to expand its perpetual futures offerings beyond cryptocurrencies into other asset classes.
Kalshi has filed an application with the US Commodity Futures Trading Commission to launch perpetual futures contracts tied to gold, silver and platinum, Bloomberg reported on July 21.
The filing was made under a process that gives the CFTC 45 days to approve or reject the contracts. Many event contracts are typically listed through exchange self-certification that they meet CFTC requirements. New products such as perpetual futures on a registered exchange, however, have recently drawn stricter regulatory scrutiny.
Kalshi’s proposed precious-metals perpetual futures would initially trade 24 hours a day, five days a week, in line with the trading hours of the underlying markets. Unlike crypto-linked perpetual futures, they would not trade 24/7 year-round.
Udesh Jha, Kalshi’s chief risk officer, said the company is also considering whether to extend trading hours.
Perpetual futures are derivatives with no expiration date. Their leveraged structure allows investors to take on greater risk exposure. While they have long been used mainly in crypto markets, they recently gained attention during the Iran war as a way for retail investors to trade oil when traditional futures markets were closed.
Kalshi’s move highlights how competition among exchanges over perpetual futures is spreading into traditional asset markets. Emerging trading platforms such as Hyperliquid already offer contracts linked to real-world assets including gold and crude oil, pressuring established exchanges to expand trading hours.
CME Group sued in June after the CFTC allowed Kalshi to launch crypto-linked perpetual futures, making Kalshi the first platform to offer perpetual futures under US regulation.
The CFTC later blocked CME’s plan for 24-hour trading in crude oil futures. Separately, CME is due to begin 24-hour trading in gold futures this week, potentially setting up competition with Kalshi’s planned precious-metals perpetual futures.
Jha said markets have different sources of demand. Perpetual futures could become an important product for improving risk management at a lower cost than traditional futures, he added.
He also said demand for perpetual futures is rising in other asset classes, including foreign exchange and equities, and that Kalshi is actively reviewing those areas.