Kalshi seeks approval for perpetual oil-linked futures contract

Kalshi is preparing to file with the Commodity Futures Trading Commission for approval of a never-expiring futures contract linked to West Texas Intermediate crude oil, a move that would create the first regulated perpetual oil futures product in the US. The filing is expected as soon as the week of September 8, 2026.

From event contracts to oil barrels

The proposed WTI perpetual futures contract would enable 24/5 trading, giving participants near-continuous access to oil price exposure without the hassle of rolling expiring contracts. Traditional oil futures, like those traded on the CME Group’s NYMEX, operate on monthly expiration cycles. Traders who want to maintain a position have to close out one contract and open another, a process that introduces costs and complexity.

Perpetual futures eliminate that friction entirely. The contract never expires. Instead, it uses a funding rate mechanism to keep prices tethered to the underlying spot market.

Kalshi launched its Bitcoin perpetual futures contract, BTCPERP, in late May 2026. That product has already accumulated $16.1 billion in notional trading volume by early July 2026.

Udesh Jha, the company’s chief risk officer, has described discussions with regulators about expanding perpetual contracts into energy commodities as “advanced.”

The regulatory gauntlet

The CFTC recently held public discussions about perpetual contracts for storable energy commodities, with a comment period that closed on August 26, 2026. Kalshi’s filing will be reviewed under the agency’s Regulation 40.3 process, which evaluates contracts on a case-by-case basis rather than granting blanket approval.

CME is not thrilled

The CME Group, which dominates US oil futures trading through its NYMEX division, has made its displeasure known. The exchange operator has opposed the CFTC’s approach to perpetual contracts and has initiated legal challenges against the approvals granted for crypto perpetual products.

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