Kalshi Files to Launch Gold and Silver Perpetual Futures

Kalshi filed with the Commodity Futures Trading Commission to launch two new perpetual futures contracts. The prediction market plans to list GOLDPERP and SILVERPERP on September 9. Both contracts settle in cash and carry no expiration date.

Gold Perpetual Futures Enter Kalshi's Lineup

Kalshi submitted its filing under CFTC Regulation 40.2(a). This self-certification path lets exchanges list products without prior agency approval, so Kalshi confirmed compliance with the Commodity Exchange Act directly. No separate review step was required before the listing date.

The gold perpetual contract tracks the spot price of one troy ounce. Traders hold a single position instead of rolling between dated contracts, and Kalshi set the reference price through Pyth Network. Settlement stays entirely in cash, with no physical metal changing hands.

A periodic funding payment keeps the contract price near the spot rate. Kalshi said the structure can cut roll costs and basis risk for hedgers. Fabricators, bullion desks and producers may benefit most from that continuous exposure.

Silver Perpetual Futures Add New Options

The exchange also plans to list a silver perpetual contract on the same day. SILVERPERP tracks the spot price of silver in U.S. dollars, and settlement remains fully in cash. No physical delivery applies to this contract either.

Kalshi cited consecutive annual supply deficits in silver dating back to 2021. It also noted tightness in the market during late 2025 and early 2026. Cash settlement removes any risk of delivery pressure tied to those shortages.

The contract trades continuously, without daily or weekend closures. Kalshi set the schedule wider than its earlier proposal from July, which had suggested a five-day trading week. The final structure instead runs seven days a week, around the clock.

Kalshi Builds on Earlier Crypto Perps Success

Kalshi first launched a Bitcoin perpetual contract in May this year. The CFTC approved it as the first such product in the country. The exchange then expanded to eighteen crypto assets, including Ethereum and XRP.

The company also added contracts tied to Hyperliquid, BNB and Cardano. Kalshi separately sought approval for metals, copper and equity-index products. Gold and silver perps mark the next step in that broader plan.

CME Group has sued the CFTC over how it classifies Kalshi's Bitcoin perps. The dispute centers on whether the product counts as a future or a swap. Kalshi's existing gold and silver event contracts remain separate, short-dated products with fixed expiries.

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