Kalshi has launched gold and silver perpetual futures for U.S. traders after receiving clearance from the Commodity Futures Trading Commission (CFTC). The contracts went live Thursday through Kalshi’s website, expanding the company’s business beyond prediction markets and bringing precious metals into a contract structure already widely used by crypto traders.

Kalshi filed its request in July. The CFTC, which oversees U.S. derivatives markets, approved the products this week. The company announced the launch in its official statement: 24/7 Gold \u0026 Silver Perpetuals Are Here.

Kalshi entered the perpetual-futures market through crypto. Regulators cleared those products in late May, bringing a market that recorded about $90 trillion in annual volume during 2025 to a regulated U.S. venue for the first time. Kalshi says its crypto perpetuals have since generated $44 billion in notional volume, according to figures published on its platform.

Udesh Jha, chief risk officer at Kalshi Klear, the company’s clearing house, said demand from traders led Kalshi to target metals next.

“Metals, especially gold and silver, have a story to tell because of inflation,” Udesh said.

Kalshi expands perpetuals as derivatives exchanges push back

Kalshi said its metals and oil contracts had surpassed $400 million in trading volume within seven months, before the latest launch. Its crypto event markets took twice as long to reach the same level, according to the company.

A perpetual contract resembles a futures contract but has no expiration date. Traders do not need to own the underlying asset; instead, they trade based on changes in its market price. Periodic funding payments are designed to keep the perpetual contract aligned with the asset’s spot price.

In August, Kalshi filed for approval to offer perpetual contracts on U.S. equities, copper and foreign currencies. Gold and silver are the first non-crypto assets cleared by the CFTC for trading as perpetuals.

The launch comes amid competition among derivatives exchanges. Shares of Cboe Global Markets (NYSE: CBOE) and CME Group (NASDAQ: CME) have fallen amid U.S. regulatory action allowing perpetual futures, as investors have raised concerns that the products could affect conventional futures markets.

CME Group has challenged the issue in court. The exchange sued the CFTC and is seeking to block U.S. approvals for perpetual futures, arguing that the regulator authorized the contracts through an improper process.

Udesh said Kalshi believes regulation has been a major factor in the rapid growth of its perpetual-futures business.

“It all goes back to the regulated platform,” he said. “Doing it the right way, a way with proper risk controls… Unregulated platforms, they have always hit a ceiling.”