Kalshi Launches Gold and Silver Perpetual Futures After CFTC Approval — First Non-Crypto Perps Cleared in the US
The CFTC approved and Kalshi launched perpetual futures on gold and silver on September 10 — the first non-cryptocurrency perps to receive US regulatory clearance. Contracts are cash-settled, perpetual, and 24/7. Kalshi has pending applications for US equities, copper, and currencies. Crypto perps have done $44 billion in notional volume since May. The launches put Kalshi in direct competition with CME and COMEX as US commodity trading venues.
Kalshi launched perpetual futures on gold and silver on September 10, 2026 after CFTC approval — the first time a US regulator has cleared perpetual futures on a physical commodity. The contracts are cash-settled, never expire, trade 24/7 including weekends, and use Pyth Network for real-time pricing. No physical delivery. Original applications were filed in July; standard CFTC review completed by September 10. Crypto perpetual futures approved in late May have generated $44 billion in notional volume. Kalshi simultaneously has pending applications for perpetuals on US equities, copper, and currencies.
For UK readers, the structural novelty is important. UK-regulated venues offer perpetual-style products in limited forms; the Financial Conduct Authority has permitted crypto-referenced perpetuals for professional clients but banned retail crypto CFDs and leverage products since 2021. US regulation, via the CFTC's DCM framework, takes a different approach: it permits cash-settled futures on most commodities and financial instruments as long as they are listed on a registered exchange with appropriate margin and surveillance frameworks. Kalshi's gold and silver perpetuals are therefore not controversial at the CFTC regulatory level — they are straightforward DCM-listed commodity futures with a perpetual structure. The novelty is that no other US DCM had previously obtained this clearance for commodity perps. Kalshi is the first to bring crypto-exchange perpetual mechanics to CFTC-regulated commodity markets.
The competitive target is the CME Group and COMEX. CME's GC gold contract is the global benchmark; its COMEX silver contract is the global silver futures reference. Both have expiration dates, settlement procedures, and trading hours that pause on weekends. Kalshi's perpetual format removes expiration management and offers 24/7 access. The user profile Kalshi is targeting — retail and semi-institutional traders who already use perpetuals in crypto markets — is familiar with the funding rate mechanism and comfortable with cash settlement. Whether that user base crosses over into gold and silver trading in sufficient numbers to compete with CME's liquidity will determine the commercial outcome. For institutional traders who rely on CME's physical delivery and deep order books for hedging, Kalshi's perps are not a substitute; for directional traders seeking gold exposure over a weekend, they may be.
The pending US equity, copper, and currency applications are the most commercially significant of Kalshi's next filings. Single-stock perpetual futures would be a genuinely novel product in US regulated markets — retail-accessible leveraged directional exposure to individual companies without options complexity or offshore counterparty risk. Copper would expand Kalshi's industrial commodities coverage alongside gold and silver. Currency perps would compete with the FX margin market that runs through retail FX brokers. Whether the CFTC approves these additional applications — particularly single-stock perps, which raise unique market manipulation concerns — will determine how far Kalshi's exchange ambitions extend into existing market structure. The gold and silver approvals suggest the CFTC is broadly willing to clear commodity perps on Kalshi's platform; the equity question is meaningfully different because of the interaction with SEC-regulated underlying markets.
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Recent updates
Utah Files Felony Charges Against Kalshi and Its Founders — Second State to Criminally Charge a Platform
Utah filed criminal charges against Kalshi and its two co-founders, Tarek Mansour and Luana Lopes Lara, on October 28 — 13 felonies and a misdemeanour, including a second-degree 'pattern of unlawful criminal activity' count and 12 counts of online gambling promotion. The charges stem from a September sting in which an undercover agent placed 12 sports wagers verified to be in Utah. The CFTC sued Utah the day before to block state enforcement, its tenth such suit. Utah is the second state after Arizona to criminally charge Kalshi, and the first to charge the founders personally. Kalshi called it a 'crazy overreach.'
NBA Names Kalshi and Polymarket Preferred Exchanges — Leaving the NFL Alone in Opposition
The NBA announced on October 26 that it has named Kalshi and Polymarket its 'preferred prediction market exchanges,' signed a non-binding memorandum of understanding with the CFTC on basketball integrity, and expanded its DraftKings deal to include prediction markets — the first league to extend a sportsbook partnership into the category. The exchange deals bar league and team personnel from trading NBA contracts, limit permissible markets, and require sharing suspicious-trading data, in exchange for NBA intellectual property and official data. The NBA joins MLB, the NHL, and MLS as partnered leagues, leaving the NFL as the lone major holdout — and the only league fighting the platforms in court.
CFTC Chair Says Agency Is Watching Prediction Markets for Manipulation Ahead of Midterms
CFTC Chairman Michael Selig said on October 23 that the agency is closely monitoring prediction markets for manipulation ahead of the November 3 midterms, and that it is separately scrutinising oil market trading tied to President Trump's announcements about the war in Iran. Combined midterm open interest on Kalshi and Polymarket stood at $250 million as of October 18, with Kalshi holding 84%. Selig acknowledged the agency often catches political figures trading 'oftentimes after the fact.' The remarks highlight the CFTC's dual role as both the platforms' federal protector and their manipulation watchdog.