Kalshi seeks regulator approval to launch perpetual futures in metals, FX and energy

Kalshi, a U.S. prediction‑markets platform, launched the country’s first perpetual futures contracts for crypto after receiving clearance from the Commodity Futures Trading Commission (CFTC) in May. The firm now says it is in advanced discussions with regulators to expand its never‑expiring derivatives, known as "perps," into additional asset classes such as gold, other metals, foreign‑exchange and energy commodities. Chief risk officer Udesh Jha noted, "Gold is something that’s coming up because it’s retail friendly."

Perpetual futures allow traders to hold positions indefinitely and to borrow up to about 50 times the contract value, raising concerns that retail investors may face heavy losses. Critics, including former CME CEO Terry Duffy, have called the products a "disaster waiting to happen," and CME has sued the CFTC over the decision to let Kalshi and Coinbase list perps. Since their launch, Kalshi’s perpetual contracts have generated roughly $16.1 billion in trading volume, primarily from institutional investors. The CFTC is currently seeking public input on expanding perps to storable energy commodities such as crude oil, with any approved trading expected to occur during regular market hours.