Kalshi Drills Past Crypto, Files For Gold-Silver-Platinum Perps 🪙

Kalshi has filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts on gold, silver and platinum, expanding its derivatives offering beyond crypto perpetual futures, according to a Bloomberg report published Tuesday.

The company submitted the proposed contracts through the CFTC's self-certification process, which gives the regulator 45 days to determine whether the products can proceed or should be rejected. The agreements would not carry expiration dates, allowing traders to hold positions open without rolling into new contracts, unlike traditional futures.

Trading is planned to run 24 hours from Monday through Friday, on a schedule mirroring the underlying precious metals markets. Chief Risk Officer Udesh Jha said the company will evaluate trading hours further down the road. Perpetual futures, first popularized in crypto trading, allow participants to obtain leveraged exposure without a settlement deadline, with prices typically kept close to the underlying market through funding mechanisms.

Kalshi, which initially built its business around event-based prediction markets, has been broadening its derivatives footprint as it seeks to compete with established venues. The new filings come as the platform works to bring long-dated contracts tied to traditional commodities under the same perpetual structure used for digital assets. The CFTC filing was reported as the latest step in that strategy, though Kalshi has not specified a launch date pending the regulator's review.