Kalshi seeks CFTC approval for gold perpetual futures after $16.1 billion in crypto trading volume

Kalshi, the CFTC-regulated prediction market platform, is now pushing into traditional commodities. The company is in advanced talks with the Commodity Futures Trading Commission to launch perpetual futures contracts on gold, metals, foreign exchange, and energy products.

If approved, it would mark a significant expansion beyond the crypto-only perpetual futures Kalshi launched on May 29, 2026. The platform has accumulated $16.1 billion in perpetual futures trading volume since the late May launch through July 9, 2026. Roughly $5.5 billion was traded in just the first two weeks after launch.

Perpetual futures are contracts that never expire. Traders can hold leveraged positions indefinitely, paying or receiving a funding rate to keep the contract price tethered to the underlying asset. The platform currently lists 11 perpetual futures contracts, all focused on crypto assets.

Kalshi’s Chief Risk Officer, Udesh Jha, highlighted gold’s appeal as a retail-friendly asset that fits naturally within the platform’s broader market strategy, noting strong demand signals from both retail and institutional participants.

One notable wrinkle: expanded asset class perpetuals would likely trade during regular market hours rather than the 24/7 schedule that crypto perpetuals enjoy.

CME Group has filed a lawsuit challenging the CFTC’s approvals of Kalshi’s products. If CME prevails, it could slow or halt Kalshi’s expansion plans. The outcome will signal whether the CFTC views perpetual futures as a legitimate, regulatable product category.

For retail traders, Kalshi’s gold perpetuals could offer a leveraged, no-expiry way to take a position on gold through a US-regulated platform. Traditional gold futures on CME require substantial capital and come with rollover costs. Gold ETFs like GLD don’t offer leverage.

The timeline for approval remains unclear, and the pending CME litigation adds another variable. Kalshi has recorded $16.1 billion in volume since launch. The question is whether the CFTC agrees that perpetual futures belong in commodity markets.

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