Kalshi Seeks to Launch Perpetual Futures for Precious Metals

Kalshi has filed with the U.S. Commodity Futures Trading Commission seeking approval to launch perpetual futures contracts tied to precious metals, specifically gold, silver and platinum. The move expands on its earlier CFTC approval in May to offer the first U.S. perpetual contracts linked to cryptocurrencies. If approved, the contracts would settle in cash, have no expiration dates, and could trade outside traditional market hours, potentially broadening retail access and adding a new venue for speculative demand in metals. The proposal also arrives amid a legal challenge from CME, which argues perpetuals function more like swaps and should face stricter regulation. The development is notable for the precious-metals market because it could increase around-the-clock trading and price discovery, but it also raises regulatory and competitive questions.