Prediction market platform Kalshi is looking to expand beyond crypto by seeking approval to launch perpetual futures contracts for gold, silver and platinum. The company has submitted the proposed products to the U.S. Commodity Futures Trading Commission (CFTC) through the regulator’s self-certification process, marking another step in bringing crypto-style perpetual trading to traditional financial markets.
Perpetual futures are different from regular futures because they don’t have an expiry date. Traders can keep positions open as long as they want, and prices stay close to the underlying asset thanks to regular funding payments. This setup is popular in crypto and is now drawing interest for commodities and other traditional assets.
Kalshi’s proposed contracts would let people trade almost 24/5, similar to global precious metals markets. The CFTC has 45 days to review the filings and decide if the products can go ahead or need more review.
Kalshi is seeking approval to expand precious-metals trading on its platform with a popular type of derivative that never expires for gold, silver and platinum https://t.co/k8zEgfB7w2
— Bloomberg (@business) July 21, 2026
This move comes after Kalshi launched crypto perpetual futures for Bitcoin, Ethereum, and XRP. Those products were later involved in a legal dispute when CME Group said perpetual contracts should be regulated as swaps, not futures. Kalshi says the lawsuit won’t affect its plans to expand.
Interest in commodity-based perpetual contracts has increased recently, especially after crypto trading platforms launched products tied to gold, oil, and other assets. During times of geopolitical tension, like the recent U.S.-Iran conflict, these markets kept running even when some traditional futures exchanges were closed.
Competition in this area is growing. As Kalshi moves forward with perpetual contracts, big exchanges are looking at longer trading hours for traditional futures. This shows a wider trend of mixing crypto innovations with established financial products.
If approved, Kalshi’s precious metals contracts could help make perpetual futures more common outside of crypto and give traders new ways to access commodity markets.
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