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Kalshi is seeking regulatory approval to expand perpetual futures beyond crypto with new contracts tied to gold, silver and platinum.
The company filed the products with the Commodity Futures Trading Commission under a review process that gives the regulator 45 days to approve or reject them, Bloomberg reported Tuesday.
The contracts would have no expiration date, allowing traders to maintain exposure without regularly rolling positions into new futures contracts.
Kalshi plans to initially offer trading 24 hours a day from Monday through Friday, matching the operating hours of the underlying precious metals markets. Chief Risk Officer Udesh Jha said the company could later assess whether to expand those hours.
Perpetual futures originated in crypto markets and have become increasingly popular because they provide leveraged exposure without a fixed settlement date. Their prices are typically kept close to the underlying asset through periodic funding payments.
Demand for perpetual contracts tied to traditional assets has grown as platforms such as Hyperliquid expanded into gold, oil and other real world markets.
The products gained further attention during the Iran war, when crypto based venues allowed traders to maintain exposure to oil while traditional futures markets were closed.
Kalshi became the first regulated US venue permitted to offer crypto perpetuals earlier this year. The decision prompted CME Group to sue the CFTC in June, arguing that the contracts should be classified as swaps rather than futures and subjected to stricter regulation.
Kalshi said the lawsuit would not change its approach.
The dispute comes as traditional exchanges respond to growing demand for extended trading hours.
The CFTC recently blocked a CME proposal to offer round the clock oil futures while continuing to review a separate application from the exchange. CME is also launching continuous gold futures trading this week, placing it in direct competition with Kalshi’s proposed precious metals products.
Jha said perpetuals and traditional futures serve different market needs, arguing that perpetual contracts could provide lower costs and additional tools for managing risk.
Kalshi is also evaluating perpetual products tied to foreign exchange and equities as it looks to expand the contracts into additional asset classes. The company had previously identified metals, currencies and energy as areas with growing demand.
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