US-regulated event derivatives platform Kalshi has submitted a formal application to the Commodity Futures Trading Commission seeking approval to list perpetual futures contracts on gold, silver and platinum. The filing marks the company’s first attempt to expand beyond cryptocurrency perpetuals into traditional asset classes, following earlier indications that it planned to enter metals, foreign exchange, energy and equities markets.
The proposed precious metals perpetuals would trade twenty-four hours daily during weekdays, aligning with underlying market hours rather than the continuous seven-day schedule Kalshi uses for crypto products. Since launching crypto perpetuals, the platform has processed approximately sixteen billion dollars in trading volume, demonstrating significant market appetite for the format.
The application arrives amid ongoing regulatory tension. CME Group is currently challenging the CFTC in court over whether crypto perpetual futures should be classified as swaps rather than futures contracts, questioning the fundamental regulatory framework Kalshi relies upon. Meanwhile, CME has responded competitively by extending its traditional gold futures to twenty-four-hour trading, though these retain conventional expiry dates.
The CFTC has forty-five days to review Kalshi’s submission. Approval would represent a significant precedent for perpetual futures beyond digital assets within US regulated markets. For brokers and fintech firms watching this space, the decision will clarify whether perpetuals can gain broader legitimacy as a product category or remain confined to crypto markets pending resolution of the CME litigation.
FXnCO Insight
Kalshi’s expansion strategy tests whether US regulators will embrace perpetuals as a standard derivative format across asset classes or restrict them pending legal clarity on their classification.
Source: Finance Magnates