Kalshi Moves Ahead with First Expansion Beyond Crypto Perpetual Futures

Kalshi turns previously disclosed expansion plans into a formal regulatory filing, with precious metals becoming the first traditional asset class covered.

The company has filed an application with the Commodity Futures Trading Commission (CFTC) seeking approval to launch perpetual futures linked to gold, silver and platinum, Bloomberg reports.

Beyond Crypto Perpetuals

It was reported earlier this month that Kalshi was preparing to extend perpetual futures into traditional markets, including metals, foreign exchange, energy and equities. The latest filing represents the first concrete regulatory step in that strategy.

At the time, Kalshi Chief Risk Officer Udesh Jha identified gold as an attractive market because of strong retail demand while noting that the company was also in advanced discussions with regulators over other asset classes.

• Kalshi Extends Its Exchange Model to GPU Pricing
• Kalshi Launches Pro Terminal as It Moves Deeper Into Professional Derivatives Trading
• Kalshi in Talks to Raise at $40 Billion, Nearly Double Its May Valuation

He added that FX, metals and energy appeared to be among the strongest areas of investor interest. Since launching crypto perpetuals, the contracts have generated around $16.1 billion in trading volume on the platform.

Under the proposal, the precious-metals perpetuals would initially trade 24 hours a day, five days a week, matching the trading hours of the underlying markets rather than the 24/7 schedule used for crypto-linked perpetuals.

Kalshi said it would also assess whether to extend those trading hours in the future. The proposed contracts would initially follow the trading hours of the underlying metals markets, unlike Kalshi’s crypto perpetuals, which trade continuously.

Competitive Landscape

The filing comes as CME Group continues its legal challenge against the CFTC over the regulator’s decision to permit US-regulated crypto perpetual futures. CME argues that the products should be regulated as swaps rather than futures.

While Kalshi is attempting to expand perpetuals into metals, CME is responding by extending access to traditional expiring futures. This week, CME is introducing 24-hour gold futures trading, although those contracts retain fixed expiry dates rather than operating as perpetual products.

Kalshi’s application is now subject to the CFTC’s review process, which allows the regulator up to 45 days to approve or reject the proposed contracts.