Kalshi seeks approval for perpetual precious metals trading

Kalshi is pushing to bring one of crypto’s most popular trading instruments to the world of precious metals. The company is seeking CFTC approval to launch non-expiring perpetual futures contracts tied to gold, silver, and platinum, a move that would mark a significant expansion beyond its digital asset roots.

From prediction markets to perpetual futures powerhouse

Kalshi’s trajectory over the past year has been something to watch. The company, which originally made its name as a CFTC-regulated prediction market, has been steadily reinventing itself as a derivatives venue with broader ambitions.

The pivot gained serious momentum when the CFTC approved Kalshi’s Bitcoin perpetual futures contract, known as BTCPERP, on May 29, 2026. That made it the first US-regulated Bitcoin perpetual futures product, a milestone that the crypto industry had been chasing for years.

Kalshi has reported $16.1 billion in perpetual futures trading volume since launch. A July 9 report indicated the company had been in active discussions with regulators about expanding its perpetual offerings beyond crypto into metals, foreign exchange, and energy markets. The precious metals filing appears to be the first concrete step in that broader plan.

Why perpetual futures matter

Traditional futures contracts have expiration dates. You buy a gold futures contract, and at some point you either settle it or roll it over into a new one. Rolling contracts costs money and creates friction.

Perpetual futures, by contrast, never expire. They use a funding rate mechanism to keep the contract price tethered to the spot price of the underlying asset. Traders can hold positions indefinitely without worrying about expiration mechanics.

Offshore perpetual trading volumes have reached approximately $90 trillion over the past year, according to industry data, illustrating the scale of demand for this type of instrument.

CME Group is not thrilled

CME Group, the Chicago-based exchange giant that dominates traditional futures trading in the US, filed a lawsuit against the CFTC in June 2026 over Kalshi’s perpetual contract approvals. CME’s argument centers on competitive fairness and regulatory process, as the company has spent decades operating under the CFTC’s established framework for futures contracts.

What this means for investors

Currently, most retail gold and silver trading happens through ETFs, spot platforms, or traditional futures that require understanding contract expiration and rollover mechanics. Perpetual futures simplify that experience, offering leverage and no expiration management.

If Kalshi’s crypto perpetuals are any indication, with $16.1 billion in volume already on the books, precious metals perpetuals could attract significant trading activity. The $90 trillion in offshore perpetual trading volume represents demand that has largely existed outside the US regulatory perimeter.

Investors should keep an eye on the CME lawsuit timeline and any CFTC commentary on the application, as the regulatory response will signal whether perpetual futures are headed for mainstream adoption across asset classes.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.