Kalshi, the prediction-markets platform best known for event contracts on everything from election outcomes to economic data, is now pushing deeper into derivatives. The company has asked the Commodity Futures Trading Commission (CFTC) for permission to list perpetual futures tied to major non-crypto markets, including foreign exchange (FX), metals, and energy.
If approved, the move would bring a popular crypto trading tool into traditional finance, potentially giving everyday investors a new way to speculate on or hedge against price moves in currencies, gold, oil, and more.
What Are Perpetual Futures?
Perpetual futures, often called “perps,” are a type of derivative contract that has no expiration date. Unlike standard futures, which require traders to close or “roll over” positions before a set settlement date, perps allow holders to keep positions open indefinitely. This structure has made them a staple on offshore crypto exchanges, where traders use them to bet on Bitcoin and other digital assets around the clock.
In the US, regulated perpetual futures have only recently started gaining traction. Kalshi launched crypto perps in May of this year, and the company says those contracts have already generated $16.1 billion in platform volume. Now, the firm wants to extend the model to markets that are far larger and more familiar to mainstream investors.
What Kalshi Is Asking For
Kalshi’s filing with the CFTC seeks approval to list perpetual futures on three broad asset classes: foreign exchange (such as the euro-dollar or yen-dollar pairs), metals (including gold, silver, and copper), and energy (like crude oil and natural gas). The contracts would be cash-settled and traded on Kalshi’s regulated exchange, which is already a CFTC-registered derivatives clearing organization.
The company’s chief risk officer has emphasized that the proposal includes robust risk management features, including funding rate mechanisms designed to keep contract prices aligned with the underlying spot market. These are similar to the funding rates used on crypto perp platforms, which periodically adjust to balance long and short positions.
Why This Matters for Investors
For everyday investors, the potential expansion of perpetual futures into traditional markets could offer more flexibility. Without expiration dates, traders wouldn’t need to worry about rolling contracts or managing calendar spreads. That simplicity could make it easier to maintain long-term hedges against inflation (via gold or oil) or currency risk (via FX pairs).
It also opens up new speculative opportunities. Perpetual futures allow leveraged trading, meaning investors can control a larger position with a smaller amount of capital. However, leverage cuts both ways: it amplifies gains but also magnifies losses, and the funding rate mechanism can eat into profits if positions are held for long periods.
The broader context is that US regulators have been cautiously opening the door to new types of derivatives. The CFTC has approved several novel products in recent years, including event contracts and now crypto perps. Kalshi’s filing tests whether that openness extends to perpetual futures on traditional assets.
What’s Next
The CFTC will now review Kalshi’s proposal, a process that could take months. The agency will likely scrutinize the risk controls, market surveillance, and investor protections built into the contracts. If approved, Kalshi would be one of the first US-regulated exchanges to offer perpetual futures on FX, metals, and energy, potentially setting a precedent for other platforms.
Investors should watch for the CFTC’s public comment period, which often signals how the agency is leaning. Meanwhile, Kalshi’s existing crypto perps continue to trade, and the company’s $16.1 billion volume figure suggests there is appetite for these products among retail traders.
For now, the filing is a sign that the lines between crypto and traditional finance are blurring. Perpetual futures, once a niche tool for crypto speculators, could soon become a standard option for anyone looking to trade or hedge in the world’s biggest markets.
