Kalshi Launches Gold, Silver Perpetual Futures After CFTC Approval of First Non-Crypto Perps
Updated
Updated · CNBC · Sep 10
Kalshi Launches Gold, Silver Perpetual Futures After CFTC Approval of First Non-Crypto Perps
3 articles · Updated · CNBC · Sep 10
Summary
Thursday’s launch adds U.S.-listed perpetual futures tied to gold and silver, extending Kalshi’s push beyond prediction markets after the CFTC approved the contracts this week.
July’s filing won approval as Kalshi targeted metals demand tied to inflation, with the company saying commodity event contracts have already topped $400 million in seven months.
Kalshi’s earlier crypto perps approval in late May has produced $44 billion in notional volume, helping drive its expansion into precious metals and pending applications for equities, copper and currencies.
The approval marks the first non-crypto perps cleared in the U.S., a step that has rattled incumbent futures exchanges; CME has sued the CFTC to block the broader product category.
With traditional exchanges suing to block them, could Kalshi's new gold and silver perpetual futures fundamentally disrupt the entire US commodities market?
As crypto-style perpetual contracts enter traditional metals, will extreme leverage and funding mechanisms expose retail investors to unprecedented liquidation risks?
$90 Trillion Shakeup: How Regulated Perpetual Futures Are Disrupting U.S. Derivatives Markets After Kalshi’s 2026 Gold and Silver Launch
Overview
In September 2026, Kalshi launched the first regulated gold and silver perpetual futures in the U.S. by quickly self-certifying with the CFTC, bypassing lengthy approvals. These perpetuals, unlike traditional futures, never expire and use a funding rate to keep prices close to spot, consolidating liquidity into a single contract and boosting market efficiency. Kalshi relies on the Pyth Network for transparent price discovery. The CFTC’s approval triggered a legal battle with CME Group over whether perpetuals are futures or swaps, while the new regulated framework is rapidly shifting massive trading volumes from offshore to U.S. markets, disrupting legacy exchanges and their fee models.