Kalshi has won Commodity Futures Trading Commission approval to list perpetual futures — commonly known as "perps" — tied to precious metals gold and silver, the company confirmed this week. The contracts, originally filed for CFTC review in July, launched on the platform Thursday, marking the first non-crypto asset class to receive perps approval in the U.S.
From crypto to metals
Kalshi first received approval to list perpetual futures tied to cryptocurrencies in late May, bringing an asset class that did roughly $90 trillion in annual notional volume globally in 2025 onshore to the U.S. for the first time. Since then, Kalshi's crypto perps have generated $44 billion in notional trading volume, according to the platform. Udesh Jha, chief risk officer at Kalshi Klear, the exchange's clearing arm, said gold and silver were the natural next step given "high interest in the commodities" — pointing to the metals' traditional role as an inflation hedge.
Perpetual futures are futures-style contracts with no expiration date that don't require the holder to own the underlying asset; instead, a funding-rate mechanism keeps the contract price tethered to the spot market. Kalshi's existing commodity-related event contracts, which include metals and oil, have already surpassed $400 million in trading volume in seven months — reaching that milestone in half the time it took the platform's crypto contracts.
Incumbent exchanges push back
The move has rattled traditional derivatives exchanges: shares of CBOE Global Markets and CME Group both fell on fears that perpetual futures could disrupt their existing listed-futures business models. CME has gone as far as suing the CFTC, arguing the regulator improperly approved the new contract type. Kalshi is separately seeking approval for perps tied to U.S. equities, industrial metal copper, and currencies.
Market Impact: Structurally Bullish for Gold Access and Liquidity
This isn't a fundamental demand or supply shock for gold prices directly, but it is a meaningful market-structure development: perpetual futures dramatically lower the barrier for retail traders to take leveraged, capital-efficient long or short exposure to gold without needing a traditional futures account or physical delivery logistics. Cheaper, more accessible leverage on the long side historically supports deeper liquidity and can amplify moves — both up and down — around major catalysts.
The timing is notable: this launch lands in the same week as escalating Fed rate-hike odds and a Middle East-driven oil spike, both of which are already pushing traders toward gold as a hedge (see our coverage of the CPI and PPI reports this week). New, easily accessible venues for expressing that view could amplify near-term volatility in XAUUSD as retail flow finds a lower-friction path into the trade.