Key facts
- Kalshi filed with the Commodity Futures Trading Commission (CFTC) to launch perpetual futures for copper.
- The proposed contract, named COPPERPERP, will track the spot price of copper using Pyth Network data.
- Perpetual futures have no expiration date, allowing traders to hold positions indefinitely.
- The contract will be cash-settled, with periodic payments to align its price with the underlying copper.
- This move expands Kalshi's offerings beyond event-based prediction markets.
Prediction market operator Kalshi has filed with the Commodity Futures Trading Commission (CFTC) to launch a perpetual futures contract tied to copper prices. The filing, made on August 18, proposes a contract named COPPERPERP that will track the spot price of copper in U.S. dollars per pound. It will utilize a price feed from Pyth Network, a blockchain-based provider that aggregates pricing from various financial sources. This move signifies Kalshi's expansion beyond its traditional event-based prediction markets. The proposed contract would be cash-settled, with periodic payments between traders designed to keep its price aligned with the underlying copper market. Perpetual futures, unlike traditional futures, do not have an expiration date, enabling traders to maintain open positions without needing to roll over contracts. This development follows a recent court order for Kalshi to cease offering wagers on certain events in Washington state and comes after the CFTC approved Kalshi to offer Bitcoin perpetual futures in May.