Kalshi Bets on Gold, FX and Energy Perps in Bid to Out-Buffet Robinhood 🥩

Kalshi, the federally regulated prediction-markets platform, is seeking approval to launch perpetual futures contracts tied to gold, foreign exchange and energy products, expanding its derivatives business beyond cryptocurrency. The move comes as online brokerage Robinhood accelerates its own push into multi-asset derivatives, setting up a head-to-head between the two retail-focused platforms.

Kalshi entered the crypto perpetual futures market earlier this year, becoming one of the first CFTC-regulated venues to offer the offshore-style product to U.S. customers. That launch positioned the firm alongside a small group of regulated competitors offering leveraged crypto exposure, and the company has since signaled intent to broaden its derivatives footprint to traditional asset classes.

A Kalshi spokesperson said the company is "committed to working with regulators to bring more derivatives products to market" but declined to comment on specific filings. Sources familiar with the matter said the proposed gold, FX and energy perps would mirror the leveraged, cash-settled structure of its existing crypto contracts, allowing traders to take long or short positions without expiry.

Robinhood, which reported record quarterly trading volumes in its latest earnings, has been expanding its derivatives suite through its futures-focused subsidiary, positioning the platform as a direct competitor in the retail derivatives race. Market analysts said the overlap sets the stage for a battle over market share as both firms court active retail traders seeking leveraged exposure across asset classes.

The filing timeline remains undisclosed, and Kalshi's applications are still subject to review by the Commodity Futures Trading Commission. Neither Kalshi nor Robinhood has indicated a target launch date for the proposed products.