Kalshi Eyes Derivatives Offering Beyond Crypto, Rivaling Robinhood

The prediction markets platform, Kalshi, is gaining notable traction as it focuses on expanding its derivatives offering beyond crypto. According to the latest update, the firm is reportedly seeking a regulatory nod to roll out derivatives products linked to real-world assets like gold, foreign exchange, and energy.

Notably, a flurry of market watchers also view this update from Kalshi as a potential move to compete with the leading online brokerage platform, Robinhood. For context, the latter has recently accelerated its expansion into multi-asset derivatives, which has caught the eyes of traders.

Kalshi Expands Derivatives Foothold Beyond Crypto

Kalshi has already made headlines by entering the crypto perpetual futures market, becoming one of the first regulated US platforms to offer the product. Now, the company wants to replicate that strategy across traditional asset classes.

According to Reuters, Kalshi is in advanced discussions with regulators to secure approval for perpetual futures tied to metals, foreign exchange, and energy markets. The company also sees opportunities in broad market indices and individual stocks over the long term.

It’s worth noting that unlike conventional futures contracts, perpetual futures do not expire. Traders can hold positions indefinitely without rolling contracts into new expiry dates.

Meanwhile, Kalshi’s Chief Risk Officer, Udesh Jha, indicated that demand from market participants is shaping the firm’s priorities. He noted that gold has emerged as one of the strongest candidates because it appeals to both retail and institutional investors, Reuters reported.

He also highlighted that foreign exchange, metals, and energy remain highly attractive due to geopolitical developments and seasonal market trends. Notably, the platform’s crypto perpetual products have already generated around $16.1 billion in trading volume.

Meanwhile, Kalshi was also in the headlines recently after Ripple-linked lawsuit Judge Torres ruled against the prediction market platform in a New York gambling case.

Robinhood Emerges as a Leading Competitor

Kalshi’s latest strategy also places it on a collision course with Robinhood, which has aggressively expanded beyond stock trading. Earlier this month, Robinhood introduced multi-asset perpetual futures on Bitstamp.

Meanwhile, the offering allows eligible users to trade cryptocurrencies, commodities, equity indices, and foreign exchange using a single pool of collateral. Industry reports also suggest Robinhood is working toward launching perpetual futures in the US, subject to regulatory approval.

If both firms receive the necessary clearances, competition in regulated perpetual futures could intensify. In addition, the focus of Kalshi on gold, foreign exchanges, and energy products highlights its attention to assets that often attract strong trading activity during times of economic uncertainty.