Kalshi seeks CFTC approval for gold and silver perpetual futures
Kalshi Inc. filed for Commodity Futures Trading Commission (CFTC) approval on July 21 to list perpetual futures on gold and silver. The CFTC-regulated prediction market platform already offers crypto perpetual futures and is now seeking to expand into precious metals, a product class that requires a different regulatory path than its existing self-certified event contracts. The filing comes as Kalshi faces mounting legal pressure on multiple fronts.
Kalshi needs new perpetual verticals to diversify revenue if Congress bans sports event contracts or courts narrow their scope. The CME is suing to block Kalshi's existing perpetual futures structure, and an adverse ruling would force restructuring across all planned markets.
Gold and silver contracts offer institutional market makers a familiar asset class that could deepen liquidity commitments, but those same partners will stall if the underlying architecture is declared invalid. Every filing now competes for Kalshi's stretched legal bandwidth across domestic and Atlantic fights. A second asset-class approval before the CME case resolves would harden Kalshi's claim to full derivatives-exchange status rather than prediction-market niche.