Kalshi Launches Gold and Silver Perpetual Futures

Kalshi is expanding its perpetual futures business beyond cryptocurrency with new contracts linked to gold and silver, giving traders continuous exposure to two major precious metals. The CFTC-regulated prediction market plans to list the products with no expiration date.

Kalshi notified the Commodity Futures Trading Commission that it was self-certifying the GOLDPERP and SILVERPERP contracts under CFTC Regulation 40.2(a). Both products are cash-settled and designed to trade continuously rather than expire like traditional dated futures.

The structure allows traders to maintain a single gold or silver position without repeatedly rolling into new contracts. Periodic funding payments are intended to keep perpetual futures prices aligned with their underlying spot references.

According to Kalshi's filings, Pyth Network will provide reference pricing for both products. GOLDPERP tracks the U.S. dollar spot price of one troy ounce of gold, while SILVERPERP follows the silver spot price. Neither contract involves physical delivery.

Kalshi also plans to make the precious metals perpetual futures available for trading 24 hours a day, seven days a week, including weekends and holidays. That represents an expansion from earlier discussions about operating precious metals products on a 24/5 schedule.

The company argues that perpetual gold futures could reduce roll costs and basis risk for market participants requiring continuous exposure, including producers, bullion desks, fabricators and exchange-traded product market makers. For silver, Kalshi highlighted persistent supply deficits since 2021 and market tightness during late 2025 and early 2026.

The launch builds on Kalshi's growing perpetual futures portfolio. The CFTC approved its Bitcoin perpetual contract in May, after which the platform expanded into 18 cryptocurrencies, including Ethereum, XRP, BNB, Cardano and Hyperliquid.

Kalshi has also explored perpetual products tied to copper and equity indexes. The expansion comes amid a legal dispute between CME Group and the CFTC over the regulator's treatment of Kalshi's Bitcoin perpetual contracts as futures rather than swaps.

Unlike Kalshi's existing short-term gold and silver event contracts, the new perpetual futures provide continuous leveraged directional exposure without a fixed expiration or binary payout.