Kalshi has filed with the Commodity Futures Trading Commission to approve a West Texas Intermediate crude oil perpetual futures contract. The proposed product would give eligible US traders oil exposure through a regulated platform without a fixed expiration date.
The CFTC has 45 days to approve or reject the proposal. Unlike some exchange products, perpetual futures require direct regulatory review and cannot use the self-certification process, reflecting tighter regulatory scrutiny on these contract types.
Contract Structure and Trading Hours
The proposed contract would trade 24 hours a day, five days a week and remain open without an expiry date. Kalshi recently expanded this perpetual futures model beyond cryptocurrency through its US500 futures contract, which began trading on October 6.
The filing arrives during volatile commodity markets linked to geopolitical tensions. WTI futures have traded across a range of approximately $60 per barrel since the start of 2026, drawing increased attention from institutional and retail traders.
CME's Competing Plan Withdrawn
Kalshi's filing follows CME Group's decision to withdraw its plans for continuous oil trading after industry resistance. The CFTC had blocked CME's proposal earlier, prompting review of whether weekend trading could work alongside physical oil pricing and cargo settlement.
CME's plan would have maintained traditional expiry cycles while extending trading across weekends. Kalshi instead proposes a non-expiring contract with weekday-only trading.
Commodity Markets Driving Growth
Kalshi has expanded its commodity products as traders seek exposure beyond elections, sports, and crypto. Commodity markets on the platform approached $400 million in trading volume by early September, nearly four times the volume recorded by crypto products at a comparable stage after launch.
Approval of the WTI contract would add crude oil to Kalshi's regulated derivatives lineup and provide traders with a contract structure that avoids scheduled expirations and rollovers. The decision would also signal how far US regulators are willing to extend perpetual contract structures into major physical commodities beyond digital assets and equity indexes.
