Prediction market operator Kalshi will reportedly seek regulatory approval for a West Texas Intermediate (WTI) crude oil perpetual futures contract that never expires.

The contract could be filed with the Commodity Futures Trading Commission (CFTC) as soon as next week, a person familiar with the matter told Bloomberg. According to Reuters, the product would trade 24 hours a day, five days a week.

If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US platform. Cointelegraph has approached Kalshi for comment.

Perpetual futures, commonly called "perps," are derivatives without expiration dates, allowing traders to maintain positions indefinitely without rolling them into new contracts. The instrument originated in the cryptocurrency sector, where crypto exchanges offer perpetuals tied to assets like Bitcoin, and it has since become one of the most heavily traded derivative types on offshore platforms. Bringing the structure into a CFTC-regulated venue would mark a shift for a product class that has largely developed outside traditional US oversight.

Traditional oil futures, such as the benchmark WTI contracts listed on CME Group's New York Mercantile Exchange, expire on a monthly cycle, requiring traders who want to hold exposure to roll positions into later-dated contracts. A never-expiring contract would remove that rolling process, which generates recurring costs and timing decisions for longer-horizon participants.

The move follows broader regulatory activity around perpetual and round-the-clock trading. In June, the CFTC sought public comments on extending standard futures contracts to 24/7 trading and allowing perpetual contracts linked to physically delivered or storable energy commodities, including crude oil. In July, the regulator halted the self-certified listing of a CME Group contract that would have introduced 24/7 crude oil futures trading, while it examined whether the product complied with federal commodities law.

On Aug. 24, Ondo Finance submitted three comment letters to the SEC and CFTC urging US regulators to bring perpetual futures tied to individual stocks onshore, arguing that these products could operate under the country's existing security futures framework without new rules.

The filing would also extend Kalshi's business beyond its core event-contract markets, such as elections and sports, into conventional commodity derivatives — a segment long dominated by established futures exchanges. The outcome of the CFTC's review, and how it resolves its broader examination of 24/7 and perpetual trading, is likely to shape whether other regulated platforms pursue similar products.

Kalshi's push into oil derivatives comes as its prediction-market business faces a separate jurisdictional dispute over whether federal commodities law preempts state gambling enforcement against event contracts traded on CFTC-regulated exchanges.

On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and requiring it to maintain geofencing that blocks Michigan residents.

On Wednesday, New Jersey asked the US Supreme Court to resolve the jurisdictional dispute after federal appeals courts reached conflicting decisions in cases involving New Jersey and Nevada.

Related: Crypto industry urges SEC to avoid blanket novel ETF restrictions