The U.S. prediction market platform Kalshi is expanding its perpetual futures business from crypto assets to traditional markets. The company has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts linked to gold, silver, and platinum.
Wait for regulatory decision within 45 days
Under the current process, the CFTC will decide whether to approve the product within 45 days. Unlike certain event contracts that exchanges can self-certify, new products such as perpetual futures typically undergo stricter scrutiny.
Kalshi plans to set these precious metals contracts to trade five days a week, 24 hours a day, to align with traditional precious metals market hours, rather than operating year-round like most crypto perpetual contracts. Kalshi’s Chief Risk Officer, Udesh Jha, said the company is still evaluating whether to extend trading hours further.
Perpetual contracts expand to traditional assets
Perpetual futures have no expiration date, allowing traders to hold positions indefinitely and amplify exposure through leverage. These products have long been concentrated in the crypto market but have recently begun expanding to traditional assets such as crude oil and gold.
The report noted that during periods of heightened volatility driven by geopolitical conflicts, some retail investors have used similar products to trade oil prices, circumventing the trading hours restrictions of traditional futures markets. As demand rises, competition among platforms for perpetual contracts on real-world assets is accelerating.
- Platforms like Hyperliquid have launched gold and crude oil-related contracts.
- CME plans to launch 24/7 trading for its 1-ounce gold futures on July 26.
Tools for trading precious metals continue to increase.
Kalshi’s application reflects a trend in traditional asset trading toward longer timeframes and higher frequencies. For the platform, precious metals perpetual futures represent both a new product line and an opportunity to expand into增量 markets beyond the cryptocurrency derivatives model.
The article also notes that the gold market has recently been influenced by interest rate expectations, ETF fund flows, and central bank gold purchases. However, from the perspective of the event itself, the focus is on perpetual contracts gradually expanding from crypto-native assets into broader traditional asset trading scenarios.