Kalshi is in advanced talks with the Commodity Futures Trading Commission to launch gold perpetual futures, the exchange confirmed. The move would extend Kalshi's reach beyond crypto into a traditional commodity, building on the $16.1 billion in crypto perpetuals trading volume it has racked up since May 2026.
The crypto perpetuals run
Kalshi's crypto perpetuals product has seen $16.1 billion in volume since its launch in May. That's a significant figure for a relatively new entrant in a space dominated by offshore exchanges. The product offers traders a way to speculate on crypto prices without an expiration date, a structure that has become a staple in digital asset markets. The volume has been substantial for a new product, indicating strong appetite for regulated perpetuals among U.S. traders.
Gold perpetuals on the table
The gold perpetual futures would be a regulated product under the CFTC's oversight. Perpetual futures, which have no expiration date, are popular in crypto but less common in traditional commodities. Kalshi's talks are at an advanced stage, according to the company. If approved, the product would mark a rare foray by a U.S.-regulated exchange into perpetuals for a physical commodity.
Why gold?
Gold is one of the most liquid commodities globally, with deep markets in both spot and futures. A regulated gold perpetual could attract institutional investors who have been cautious about crypto but are familiar with gold. It would also offer a new way to gain leveraged exposure to gold without rolling over contracts. The CFTC oversees commodity futures and options, so gold perpetuals would fall under its existing authority.
The talks are ongoing. Kalshi declined to comment on the timeline. The CFTC's decision will determine whether gold perpetuals become a regulated product in the U.S. If approved, Kalshi would be the first exchange to offer such a product under CFTC oversight.
