Prediction market Kalshi has notified the Commodity Futures Trading Commission (CFTC) of its intent to self-certify and list perpetual futures contracts for gold and silver, expanding its offerings beyond crypto assets. The contracts, GOLDPERP and SILVERPERP, will be cash-settled, have no expiration date, and trade 24/7.
The launch of these perpetual futures contracts by Kalshi offers new, continuous, and potentially leveraged trading opportunities for investors seeking exposure to gold and silver prices, distinct from traditional dated futures or binary event contracts.
Prediction market Kalshi has notified the Commodity Futures Trading Commission (CFTC) that it intends to self-certify and launch perpetual futures contracts for gold and silver. These contracts, named GOLDPERP and SILVERPERP, will be cash-settled, have no expiration date, and are slated for listing on September 9.
The move marks an expansion of Kalshi's derivatives offerings beyond cryptocurrencies, following the CFTC's approval of its Bitcoin perpetual futures in May. The platform has also expanded into other crypto assets like Ethereum and XRP.
The new precious metal contracts will trade continuously, 24/7, referencing spot prices from Pyth Network. Kalshi stated that these never-expiring, cash-settled contracts aim to reduce roll costs and basis risk for hedgers, such as fabricators and producers, by providing continuous exposure without physical delivery demands. The company highlighted consecutive annual supply deficits for silver since 2021 as a factor in its market tightness.
Kalshi's filings were made under CFTC Regulation 40.2(a), allowing a designated contract market (DCM) to list a product after certifying compliance with the Commodity Exchange Act. This self-certification path is faster than a traditional approval process. The CFTC's earlier treatment of Kalshi's Bitcoin perps as futures, rather than swaps, led to a lawsuit from CME Group.
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