Derivatives platform Kalshi has submitted regulatory filings with the Commodity Futures Trading Commission seeking authorization to offer perpetual futures contracts based on gold and silver prices. The applications were lodged on September 9 using CFTC Regulation 40.2(a), a self-certification mechanism that enables registered exchanges to introduce new products without awaiting formal commission approval.
Contract Design and Features
The proposed instruments, designated GOLDPERP and SILVERPERP, are designed to mirror spot market prices for one troy ounce of gold and silver respectively, denominated in U.S. dollars. Both contracts utilize cash settlement protocols, eliminating any physical delivery of precious metals to traders.
Unlike traditional futures contracts, GOLDPERP and SILVERPERP remain active perpetually rather than terminating on predetermined expiration dates. A funding rate mechanism maintains alignment between contract prices and underlying spot markets, with long or short position holders compensating each other depending on market dynamics. This structure eliminates the need for contract rollovers when positions transition between expiry cycles, potentially reducing transaction costs for hedgers, bullion merchants, metal refiners, and entities with sustained precious metals exposure.
Pyth Network serves as the designated price oracle for both contracts, consolidating pricing information from multiple sources including market makers, trading venues, and financial service providers.
Trading Access and Market Context
Kalshi has proposed continuous trading availability for both contracts, operating around the clock throughout all seven days of the week, including weekends and recognized holidays. This expanded schedule provides precious metals price exposure during periods when conventional futures exchanges remain closed.
The company noted that silver markets have experienced persistent annual supply shortfalls beginning in 2021, with projections indicating continued tightness extending through late 2025 and into early 2026. Kalshi emphasized that SILVERPERP's cash-settlement structure prevents any impact on physical delivery pressures affecting underlying commodity markets.
Platform Expansion and Regulatory Context
The precious metals contracts represent the latest expansion in Kalshi's product lineup across digital asset perpetuals. The platform secured CFTC authorization for its Bitcoin perpetual contract in May, establishing the first U.S.-regulated instrument of its kind. Subsequently, the company launched 17 additional cryptocurrency perpetuals spanning assets including Ether, XRP, and Solana.
On September 4, Kalshi introduced five additional crypto perpetual contracts tracking BNB, Cardano, Worldcoin, Aave, and Venice Token. Through June, the exchange reported cumulative trading activity exceeding $8.5 billion across its perpetual futures offerings.
In June, CME Group initiated litigation against the CFTC, contending that Kalshi's Bitcoin perpetual warrants classification as a swap instrument rather than a futures contract. The CFTC has filed a motion to dismiss, asserting that CME failed to demonstrate tangible competitive harm. Judicial resolution remains pending.
