Kalshi expands into precious metals with CFTC-approved perpetual futures

Kalshi has received approval from the Commodity Futures Trading Commission (CFTC) to list perpetual futures for gold and silver. These contracts, known as ‘perps’, track the U.S. dollar spot prices of the metals and are designed to have no fixed expiration date. Instead, they utilize a funding mechanism to keep contract prices aligned with the underlying market.

The new products are set to trade 24/7, including weekends and holidays, providing continuous exposure without the need for physical delivery or the requirement to roll over dated contracts. Pyth Network will provide the pricing data for these cash-settled contracts. This expansion marks Kalshi’s first non-cryptocurrency perpetual offering following the success of its crypto-linked contracts.

In a separate development, Kalshi is seeking regulatory approval to launch approximately 60 perpetual futures contracts tied to individual U.S. equities and ETFs, including companies such as Tesla, Apple, and Nvidia. This move has drawn scrutiny from institutions like Citadel Securities, which raised concerns regarding market oversight and potential risks like insider trading if these products fall outside SEC jurisdiction.

Additionally, Kalshi is expanding its market infrastructure through a partnership between ION and Coinbase. This collaboration aims to enhance the trading of Kalshi’s event contracts by connecting ION’s clearing technology with Coinbase’s consumer platform.