Key Highlights
- On September 9, Kalshi submitted regulatory filings with the CFTC for GOLDPERP and SILVERPERP perpetual futures.
- These instruments are cash-settled with no expiration date and offer continuous trading around the clock, even on weekends and holidays.
- Both products rely on Pyth Network for pricing data and involve no physical commodity delivery.
- The platform currently operates perpetual futures across 18 digital assets, accumulating more than $8.5 billion in total volume.
- CME Group has initiated legal action against the CFTC regarding the regulatory classification of Kalshi’s Bitcoin perpetual contract.
Kalshi, a U.S.-based prediction market and derivatives platform, has submitted applications to the Commodity Futures Trading Commission seeking authorization to offer perpetual futures contracts linked to gold and silver prices. The applications, filed September 9, utilize the self-certification pathway under CFTC Regulation 40.2(a), permitting registered venues to introduce new products without awaiting a commission vote.
The proposed instruments carry the tickers GOLDPERP and SILVERPERP.
Contract Specifications and Mechanics
GOLDPERP will reference the U.S. dollar spot price for one troy ounce of gold, while SILVERPERP will track the equivalent silver benchmark. Both instruments utilize cash settlement exclusively, eliminating any physical delivery obligation.
Rather than terminating on a predetermined maturity date, these contracts remain active continuously. To maintain alignment between contract values and underlying spot prices, a funding rate mechanism is employed. Depending on prevailing market dynamics, participants with long exposure may compensate short holders, or vice versa.
This perpetual format eliminates the need for position rollovers typically required when traditional futures approach expiration. According to Kalshi, this design could benefit bullion merchants, refineries, hedgers, and other market participants requiring sustained price exposure.
Pricing for both contracts will be sourced from Pyth Network, a decentralized oracle that compiles real-time data from exchanges, market makers, and financial service providers.
Round-the-Clock Availability
Kalshi has designated both precious metal perpetuals for continuous operationā24 hours daily, seven days weekly, with no closures for weekends or holidays. This represents an expansion from preliminary discussions in July, which contemplated a 24/5 framework.
This extended availability grants U.S.-based participants access to precious metals price action during periods when conventional futures exchanges remain offline.
Kalshi highlighted that silver markets have experienced consecutive years of supply shortfalls beginning in 2021, with projections suggesting continued tightness through early 2026. The company emphasized that because SILVERPERP settles financially, it cannot influence physical delivery dynamics or exacerbate supply constraints.
Ongoing Product Diversification
The precious metals filings represent the latest phase in Kalshi’s aggressive product rollout. The platform secured CFTC authorization for its Bitcoin perpetual contract in May, marking the inaugural regulated product of its kind in U.S. markets. Since then, Kalshi has introduced 17 additional cryptocurrency perpetuals spanning Ether, XRP, Solana, Hyperliquid, and others.
Most recently, on September 4, Kalshi launched five additional crypto-linked perpetuals covering BNB, Cardano, Worldcoin, Aave, and Venice Token. As of June, aggregate trading activity across the platform’s perpetual futures suite had surpassed $8.5 billion.
CME Group initiated litigation against the CFTC in June, contending that Kalshi’s Bitcoin perpetual should be reclassified as a swap instead of a futures contract. The regulator has filed a motion to dismiss, asserting that CME failed to demonstrate tangible competitive harm. A judicial decision remains pending.
The newly proposed gold and silver perpetuals represent a distinct offering from Kalshi’s existing event-based contracts on these metals, which feature shorter durations.
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