Prediction-market platform Kalshi is expanding beyond crypto with plans to launch perpetual futures contracts for gold and silver, giving traders continuous exposure to the two precious metals. The contracts were self-certified with the US Commodity Futures Trading Commission (CFTC), with Kalshi planning to list them on September 9. Unlike traditional futures, the new contracts will have no expiry date and are designed to trade continuously.
The planned products, called GOLDPERP and SILVERPERP, will be cash-settled, meaning traders will not receive physical gold or silver when positions are settled. Instead, the contracts will track the relevant spot prices.
Kalshi said Pyth Network will provide the reference prices for both products. The gold contract will track the US dollar price of one troy ounce of gold, while the silver contract will follow the corresponding silver spot price.
📰SCOOP: Kalshi Files with US CFTC to Launch Gold and Silver Perpetual Future Contracts
Prediction market plans GOLDPERP and SILVERPERP to go live today. These will be cash-settled, no expiry date, 24/7 trading & referenced to Pyth Network spot price.
First CFTC-regulated… pic.twitter.com/bQDp5z10Pt
— Rednirav (@CryptoRednirav) September 9, 2026
The move marks another expansion of Kalshi’s derivatives business. The platform previously focused heavily on event contracts linked to political, economic and other outcomes. It has more recently moved into perpetual contracts, including crypto assets.
The new gold and silver products will trade continuously, with the filings indicating a 24/7 schedule. This is broader than earlier comments from the company, which had discussed initially operating precious-metal products on a 24/5 basis.
Perpetual contracts are designed to allow traders to maintain a position without having to close one expiring contract and move into another. A periodic funding mechanism helps keep the price of the perpetual contract aligned with the underlying spot market.
Kalshi said the structure could be useful for businesses and professional market participants that need continuous exposure to precious metals. Because the contracts never expire, traders may avoid some of the roll costs and basis risks associated with repeatedly moving between dated futures contracts.
The company also pointed to conditions in the silver market, including annual supply deficits since 2021 and tighter conditions during late 2025 and early 2026. However, because the new contracts are cash-settled, they do not create a requirement for physical delivery of silver.
Kalshi’s expansion follows its earlier move into crypto perpetuals. The CFTC approved its Bitcoin perpetual contract in May, which was described as the first such product in the US. The company subsequently expanded its crypto-perpetual offering to assets including Ethereum, XRP, Hyperliquid, BNB and Cardano.
Kalshi is also facing regulatory and industry scrutiny over its derivatives products. CME Group has sued the CFTC over the agency’s treatment of Kalshi’s Bitcoin perpetuals, particularly the classification of the contracts.
The new precious-metal products are different from Kalshi’s existing short-dated gold and silver event contracts. Those products are based on specific outcomes, while the new perpetuals are designed to provide continuous and leveraged directional exposure to metal prices.
With gold and silver now joining crypto in Kalshi’s derivatives expansion, the platform is increasingly moving beyond traditional prediction markets and into a wider range of financial products.
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