Kalshi launches CFTC-approved gold and silver perpetual futures
Kalshi launched 24/7 CFTC-regulated perpetual futures on gold and silver on September 10, the company announced. The contracts carry no expiration date and no rollover fees. The move expands Kalshi's offerings beyond event contracts into commodity derivatives, following its earlier entry into crypto perpetuals and its recent filing for crude oil perpetuals. Both precious metals contracts are available to U.S. retail traders under full CFTC registration.
Kalshi now runs three concurrent product races against Polymarket and CME. The gold and silver perpetuals give U.S. traders regulated commodity leverage that Polymarket's offshore book cannot legally offer domestically. CME faces a second front after bitcoin: core commodities where traders currently roll monthly and hate fees. Kalshi's no-rollover structure captures that flow if liquidity builds.
The $400 million monthly commodity volume Kalshi posted this week shows the pipes are already filling. Market makers must now pre-position across Kalshi's metals, crypto, and soon oil contracts or lose flow to the incumbent. CME's lawsuit delay tactic crumbled when the CFTC asked a court to dismiss its Kalshi challenge this week. The venue that sets margin and fee templates first forces the other to match or bleed share.