Kalshi, the CFTC-regulated prediction market, has submitted a proposal to the Commodity Futures Trading Commission to list perpetual futures on gold, silver, and platinum. The move comes after the platform's Bitcoin perpetual contract racked up $16.1 billion in trading volume, signaling demand for crypto-style derivatives on traditional metals.
The filing
Kalshi is seeking approval for cash-settled perpetual futures on three precious metals: gold, silver, and platinum. The contracts would work like the platform's existing Bitcoin perpetual — no expiry, with funding rates to keep prices aligned with the spot market. Kalshi's proposal is under review at the CFTC, which oversees the platform as a designated contract market.
Bitcoin's track record
Kalshi's Bitcoin perpetual contract launched earlier this year and has already generated $16.1 billion in trading volume. That's a big number for a regulated exchange that started out as a prediction market for things like election outcomes and economic data. The volume suggests traders are comfortable using Kalshi for crypto derivatives, and the company is betting the same model will work for metals.
The CFTC hasn't set a deadline for its decision. If approved, Kalshi would become one of the few regulated venues offering perpetual futures on gold, silver, and platinum — a product that's mostly traded on offshore crypto exchanges. The agency's stance on crypto-linked derivatives has been cautious, but Kalshi's existing approval for Bitcoin may smooth the path. Kalshi now awaits the CFTC's decision on the proposal.
