BREAKING: Prediction Market Kalshi Files with CFTC to Launch Gold and Silver Perps

Prediction market Kalshi plans to launch perpetual futures contracts tied to gold and silver. The move expands the CFTC-regulated platform’s perps offerings beyond crypto assets. Kalshi said it plans to list the contracts with no expiry date on Wednesday.

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Kalshi to Offer Gold and Silver Perpetual Futures

Prediction market Kalshi notified the Commodity Futures Trading Commission (CFTC) that it is self-certifying perpetual futures on gold and silver and intends to list the contracts on September 9. The filings were submitted under CFTC Regulation 40.2(a).

GOLDPERP and SILVERPERP are cash-settled contracts with no expiration date. Kalshi said they will trade on a continuous basis. The move follows an earlier request in which the prediction market asked the CFTC to review precious metal perps such as gold and silver under a slower regulatory approval process.

The latest, however, takes the self-certification path, allowing a designated contract market (DCM) to list a product after certifying compliance with the Commodity Exchange Act.

Traders would hold a single position on perps tied to gold or silver, instead of moving from one dated contract to the next. A periodic funding payment keeps the contract price aligned with a spot reference.

Kalshi said the reference source for both products is Pyth Network, with settlement in cash. There is no physical delivery of metal. As per the filings, gold perps track the spot price of one troy ounce of gold in U.S. dollars. Whereas silver perps track the silver spot price.

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Trading Hours for New Precious Metal Products

According to the CFTC filing, Kalshi set the contracts to trade 24/7, with no scheduled daily, weekend or holiday close. This 24/7 trading is broader than earlier public comments in July, when executives focused on an initial 24/5 trading schedule to align with traditional precious-metals hours.

Kalshi said a never-expiring, cash-settled contract for gold can reduce roll costs and basis risk for hedgers with continuous exposure, including fabricators, bullion desks, exchange-traded product market makers and producers.

On silver, Kalshi noted consecutive annual supply deficits since 2021 and tightness in late 2025 and early 2026. It said the contract cannot create delivery pressure because it is cash-settled and never demands delivery of metal.

Notably, the CFTC approved Kalshi’s Bitcoin perpetual in May, the first such product in the US. Kalshi then expanded to 18 crypto assets such as Ethereum, XRP, Hyperliquid, BNB and Cardano perps. It also sought metals, copper, and equity-index versions.

Meanwhile, CME Group sued CFTC over the agency’s treatment of Kalshi’s Bitcoin perps as a future rather than a swap. Kalshi already lists short-dated gold and silver event contracts, the new gold and silver perps would offer continuous, leveraged directional exposure instead of a binary payout at a fixed expiry.

Traders looking to compare other US-compliant options can check out the best regulated prediction markets in US to explore their legal event contract alternatives.