Kalshi has received approval from the Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts, known as 'perps,' on precious metals gold and silver, marking the first time such non-crypto related contracts have been approved in the U.S. The new markets for these contracts went live on Thursday, following the company's initial filing in July and subsequent regulatory approval this week [1].
Previously, Kalshi was granted approval to list perpetual futures tied to cryptocurrencies in late May, which brought an asset class with $90 trillion in annual volume in 2025 onshore to the U.S. for the first time. Since their launch, these crypto contracts have achieved $44 billion in notional volume, according to Kalshi's website [1]. The company has also reported that its commodity-related event contracts, including metals and oil, have surpassed $400 million in trading volume within seven months—half the time it took for its crypto event contracts to reach the same milestone [1].
Udesh Jha, chief risk officer at Kalshi Klear, stated that the decision to offer perpetual futures on metals was driven by high interest in commodities, particularly gold and silver, which he linked to inflation concerns. Jha emphasized the importance of operating on a regulated platform with proper risk controls, contrasting Kalshi's approach with unregulated platforms that he said 'have always hit a ceiling' [1].
The launch of these perpetual futures has had immediate market implications. Traditional futures exchanges such as CBOE and CME Group experienced declines in their stock prices due to fears that the new futures type could disrupt their existing business models. In response, CME has filed a lawsuit against the CFTC, alleging that the agency improperly permitted the approval of perps in the U.S. [1].
Looking ahead, Kalshi is seeking further approvals for contracts tied to U.S. equities, industrial metal copper, and currencies, as of August [1].
CONCLUSION
Kalshi's launch of perpetual futures on gold and silver, following CFTC approval, represents a significant expansion of regulated derivatives offerings in the U.S. The move has already impacted traditional exchanges and signals growing competition in the futures market. Kalshi's rapid growth in trading volumes and plans for further product expansion suggest continued disruption in the sector.