Kalshi is pushing to bring perpetual futures, the trading instrument that dominates crypto markets, to one of the oldest and most politically sensitive commodities on earth: crude oil.
The CFTC-registered exchange is in advanced discussions with regulators to offer US-regulated perpetual futures contracts on West Texas Intermediate crude oil, a move that would mark a significant expansion beyond the crypto-native products that have fueled the platform’s recent growth.
From prediction markets to perps powerhouse
Kalshi’s journey into perpetual futures started with Bitcoin. The CFTC approved its first perpetual futures contract for Bitcoin on May 29, 2026, and the product went live on June 3. The reception was, to put it mildly, enthusiastic.
The exchange’s crypto perps surpassed $1 billion in notional volume within their first week of trading. By early July 2026, that figure had ballooned to $16.1 billion.
Perpetual futures are essentially futures contracts that never expire. Unlike traditional futures, which settle on a fixed date and require traders to roll their positions forward, perps let you hold a leveraged position indefinitely. Kalshi’s innovation was bringing them onshore, under CFTC oversight.
Why crude oil, and why now
Kalshi’s chief risk officer, Udesh Jha, described the company’s discussions with the CFTC as “advanced” as of July 9, 2026. The CFTC itself opened a public consultation in June 2026 on perpetual contracts for deliverable energy commodities, including crude oil, which Jha pointed to as evidence of strong regulatory interest in the concept.
There’s a key structural difference from crypto perps. While Kalshi’s Bitcoin perpetual futures trade around the clock, energy perpetual contracts would likely operate during regular market hours. Agricultural commodities, meanwhile, remain explicitly excluded from Kalshi’s perpetual futures ambitions.
The regulatory pathway and CME’s objections
Kalshi’s expansion into non-crypto perpetual futures is proceeding under Regulation 40.3, which establishes a case-by-case approval process for new perpetual futures products, meaning each new asset class requires its own regulatory green light rather than falling under a blanket authorization.
The exchange has already filed applications for perpetual futures on metals and foreign exchange/rates products as part of this process. A formal filing for WTI crude oil perpetual futures hasn’t been publicly confirmed as of early September 2026.
CME Group, the dominant player in US futures markets and the primary venue for WTI crude oil futures trading, has taken legal action against the CFTC over its approval of crypto perpetual futures. CME’s objections center on the competitive implications of letting a newer, smaller exchange offer products that could siphon volume from established markets. The lawsuit also touches on CME’s opposition to 24/7 trading of certain commodities, a concern that may be partially addressed by the regular-hours structure planned for energy perps.