Kalshi Plans to Offer Precious Metals Contracts

Kalshi plans to expand its range of perpetual contracts beyond the cryptocurrency market. The company has filed applications with the Commodity Futures Trading Commission (CFTC) for instruments linked to gold, silver and platinum. The regulator has 45 days to approve or reject them.

The contracts would have no expiry date, allowing investors to maintain exposure without regularly rolling their positions into new contract series.

Initially, trading would be available around the clock from Monday to Friday, in line with precious metals market hours. Chief Risk Officer Udesh Jha said Kalshi may consider extending these hours in the future.

Perpetual contracts originated in the cryptocurrency market. They allow traders to use leverage without a fixed settlement date, while periodic funding payments help keep contract prices close to the value of the underlying asset.

Interest in similar instruments tied to traditional assets is also growing. Hyperliquid has expanded its offering to include products linked to gold and oil. During the war with Iran, cryptocurrency platforms enabled oil trading even when traditional futures markets were closed.

Earlier this year, Kalshi became the first regulated US platform to receive approval for cryptocurrency perpetual contracts. In June, CME Group sued the CFTC, arguing that these instruments should be classified as swaps and subjected to stricter regulations. Kalshi maintains that the lawsuit will not affect its plans.

Prediction markets are still a relatively new phenomenon, and their legal status varies from country to country. They face restrictions in many jurisdictions because they are sometimes treated as a form of gambling rather than conventional investing.