Kalshi notified the Commodity Futures Trading Commission on September 9 of plans to list two new perpetual futures contracts linked to gold and silver. The filings cover GOLDPERP and SILVERPERP under CFTC Regulation 40.2(a),allowing the designated contract market to self-certify the products as compliant with the Commodity Exchange Act.

Both contracts are designed to track the U.S. dollar spot prices of the metals without physical delivery. GOLDPERP follows the spot value of one troy ounce of gold, while SILVERPERP tracks the corresponding silver spot price. Pricing data for the products will come from Pyth Network. Settlement occurs entirely in cash.

Structure and Trading Features

Unlike traditional dated futures, the new contracts carry no fixed expiration date. Regular funding payments will keep traded prices aligned with the underlying spot references. Traders can maintain a continuous position without rolling contracts from one expiration to the next, a process that can generate costs and basis risk.

The contracts are set to trade around the clock, seven days a week, including weekends and holidays. This schedule extends beyond earlier indications of a potential 24-hour, five-day trading window. Eligible participants would gain the ability to adjust positions when major U.S. metals markets are closed.

Kalshi has indicated that the perpetual structure could lower roll costs for market participants seeking ongoing exposure. Potential users include producers, bullion desks, fabricators, refiners, financial institutions, and exchange-traded product market makers.

Context in Precious Metals Markets

In its silver filing, Kalshi referenced consecutive annual supply deficits reported since 2021 along with market tightness observed in late 2025 and early 2026. Because the contracts settle only in cash, holders cannot demand delivery of metal or exert delivery pressure on the physical market.

The new products differ from Kalshi’s existing short-term gold and silver event contracts, which feature fixed expirations and binary payouts. The perpetual futures instead offer continuous leveraged directional exposure.

Expansion Beyond Cryptocurrency Perpetuals

The filings build on Kalshi’s growth in perpetual futures. The CFTC approved the platform’s Bitcoin perpetual contract in May. Kalshi subsequently expanded the lineup to contracts linked to 18 cryptocurrencies, including Ether, XRP, Solana, BNB, Cardano, and others. Recent additions included contracts on BNB, Cardano, Worldcoin, Aave, and Venice Token.

Kalshi has also explored perpetual products tied to copper and equity indexes. The company previously pursued a slower formal review process for certain precious metals contracts before choosing the self-certification route for gold and silver.

Ongoing Regulatory Dispute

The expansion occurs amid a legal challenge from CME Group. In June, CME sued the CFTC in federal court, arguing that Kalshi’s Bitcoin perpetual should be regulated as a swap rather than a futures contract. CME claimed the classification created a competitive disadvantage.

The CFTC has sought dismissal of the case, stating that CME had not demonstrated concrete injury and noting that established exchanges could pursue similar products under the same framework. The court has not yet ruled on the matter.

Perpetual futures involve funding payments and potential liquidation risks for leveraged positions. These features distinguish them from direct ownership of physical metals or shares in metal-backed exchange-traded funds.