Kalshi Seeks CFTC Approval for Gold, Silver, Platinum Perpetual Futures

The proposed contracts, filed through the CFTC's self-certification process, would feature no expiration dates, allowing traders to maintain leveraged positions without periodic settlement deadlines. The CFTC will have 45 days to review the filing. Kalshi intends to offer 24-hour trading from Monday to Friday, aligning with the hours of the underlying precious metals markets.

Perpetual futures, initially popularized in the crypto space, provide leveraged exposure without settlement dates, with prices typically anchored to the underlying asset through funding payments. There is a growing interest in similar contracts for traditional assets, with some crypto platforms already offering commodity-based perpetual products. This trend saw increased demand during recent geopolitical tensions, as crypto platforms offering oil-linked contracts remained operational when traditional markets closed.

Earlier this year, Kalshi became the first regulated U.S. marketplace to offer crypto perpetual futures, including contracts for Bitcoin and Ethereum. This development led to a lawsuit from CME Group, which argued that these contracts should be classified as swaps rather than futures. Kalshi maintains that this legal challenge will not impact its product expansion plans. The move also comes amid increased competition among exchanges to offer continuous trading, with CME Group itself preparing to offer 24/7 gold futures trading.