Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission seeking permission to offer perpetual futures contracts on gold, silver, and platinum. The move signals the platform's ambition to broaden its derivatives lineup beyond the crypto perpetual futures it already lists.
Beyond crypto
Kalshi already runs a suite of crypto perpetual futures. Now it wants to add precious metals to that roster. The three metals — gold, silver, and platinum — are classic commodities, and the CFTC has long overseen their derivatives markets. For Kalshi, this is a natural next step: take the perpetual contract structure it built for crypto and apply it to traditional assets.
What Kalshi is asking for
The application covers perpetual futures on gold, silver, and platinum. Perpetual futures don't expire, unlike standard futures, and they use a funding rate mechanism to keep the contract price close to the spot price. Kalshi didn't disclose the contract specifications or margin requirements in its filing. The CFTC will review those details as part of the approval process.
Regulatory context
The CFTC has been active in crypto regulation, but precious metals are squarely within its traditional jurisdiction. The agency oversees commodity futures and options under the Commodity Exchange Act. Kalshi's application lands at a time when the CFTC is also handling several crypto-related enforcement actions and rulemakings. Whether that slows down or speeds up the review of a straightforward metals product is unclear.
The application itself is public. The CFTC will now open a comment period and begin its evaluation. No timeline has been set for a decision.
