Kalshi Launches Gold and Silver Perpetual Futures After CFTC Approval

Key points

• The CFTC approved Kalshi’s filing for gold and silver perpetual futures this week, with the contracts launching on Thursday.
• This is the first non-crypto asset class to receive approval for perpetual futures on the platform, following crypto perps approved in late May.
• Perpetual futures are contracts that track an asset's price without an expiration date and do not require ownership of the underlying asset.
• Kalshi’s crypto perpetual futures have generated $44 billion in notional volume since their launch in May.
• Commodity-related event contracts on Kalshi surpassed $400 million in trading volume in seven months, half the time it took crypto contracts to reach the same milestone.
• Kalshi is seeking approval for perpetual futures tied to U.S. equities, copper, and currencies, with filings expected in August.

Background

Kalshi has been expanding its trading offerings beyond its core prediction market business. In late May, the platform received approval to list perpetual futures tied to cryptocurrencies, bringing a novel asset class with $90 trillion in annual global volume to the U.S. market. The company has also faced regulatory challenges, including a Supreme Court case involving New Jersey over whether state gambling laws apply to its sports-related event contracts. The current expansion into precious metals follows the success of its crypto perps, which have seen significant volume growth since their launch.

How outlets are covering it

CNBC emphasizes the regulatory approval and the strategic expansion of Kalshi into non-crypto assets, highlighting the platform’s regulated nature as a key factor in its success. The outlet notes that traditional futures exchanges like CME Group have opposed the move, with CME suing the CFTC to block the approval. CoinMarketCap focuses on the technical integration of Pyth Network as the reference oracle for the new gold and silver perpetual futures, noting that this strengthens Pyth’s positioning in real-world asset derivatives. The outlet also highlights that the price movement of Pyth’s token was largely driven by routine volatility and incremental adoption news rather than structural changes. The two sources differ in their focus, with CNBC highlighting the regulatory and market impact, while CoinMarketCap focuses on the technical and oracle integration aspects.

Why it matters

The launch of gold and silver perpetual futures by Kalshi marks a significant expansion of the platform beyond its core prediction market business. The approval by the CFTC signals growing acceptance of perpetual futures as a regulated asset class in the U.S. The move could disrupt traditional futures exchanges like CME Group, which have opposed the expansion. The success of the new contracts could also drive further adoption of Kalshi’s platform and its integration with oracle networks like Pyth Network, potentially reshaping the landscape of derivatives trading in the U.S.

What to watch

Kalshi is seeking approval for perpetual futures tied to U.S. equities, copper, and currencies, with filings expected in August. The company will likely continue to expand its offerings into new asset classes, leveraging its regulated status and growing volume. The outcome of the CME lawsuit against the CFTC could also impact the future of perpetual futures in the U.S. The success of the new gold and silver contracts will likely influence the platform’s strategy for further expansion into other asset classes.