Kalshi has moved deeper into traditional markets after filing plans for gold and silver perpetual futures with the CFTC. The move would expand its derivatives lineup beyond cryptocurrency and give eligible U.S. traders continuous access to precious metals exposure.
Kalshi Targets Precious Metals
The exchange submitted GOLDPERP and SILVERPERP filings on September 9 under CFTC Regulation 40.2(a). The proposed contracts would track the U.S. dollar spot prices of gold and silver.
Pyth Network would provide pricing data for both products. Moreover, each contract would settle in dollars without requiring physical metal delivery.
Unlike dated futures, these contracts would have no fixed expiration. Instead, regular funding payments would help keep contract prices aligned with their underlying markets.
This meant that traders could hold on to their trades without being forced to roll them over into subsequent expirations repeatedly. Kalshi also expects the structure could reduce costs for participants seeking longer-term exposure.
24/7 Trading Expands Access
The proposed contracts would trade around the clock, including weekends and holidays. Hence, customers could adjust their positions when major U.S. metals markets remain closed.
However, perpetual futures carry funding and liquidation risks, especially when traders use leverage. Additionally, physical gold and silver ownership would remain fundamentally different from these cash-settled products.
The filings follow Kalshi’s rapid expansion into crypto perpetuals. The platform now offers contracts linked to 18 cryptocurrencies, including Bitcoin, Ether, XRP, and Solana.
Related: Vitalik Buterin Proposes Recursive STARKs for Ethereum’s I-Star Upgrade
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