Phantom Begins Gradual U.S. Kalshi Rollout as CFTC Reviews Oil Perpetual

Phantom began a gradual U.S. rollout of Kalshi event contracts on Friday, Oct. 23, bringing markets on sports, politics, economics and culture into its mobile wallet. The launch comes as Kalshi seeks CFTC review of a proposed perpetual contract tied to West Texas Intermediate crude oil.

Access is expected to expand over the coming weeks. Users must verify their identity to trade. Kalshi approves and holds the trading accounts, executes orders and determines market outcomes, while Phantom provides the in-app interface. Trades can be funded through Phantom’s Cash account, which holds the dollar-pegged CASH stablecoin.

“Phantom did the regulatory work up front, and it’s a model for how prediction markets can reach more people,” Kalshi Vice President of Business Development Max Crowley said.

The integration gives Kalshi another route to users through a self-custody wallet. Phantom’s U.S. rollout rests on conditional CFTC staff relief from introducing-broker registration requirements. In September, the agency extended similar relief to qualifying passive-software providers.

Kalshi’s oil proposal is a separate regulatory question. Filed Tuesday, Oct. 20, WTIPERP would be a cash-settled future with no expiration date, referencing a constant one-month WTI price calculated by Pyth from two listed New York Mercantile Exchange delivery months. Each contract would represent 100 barrels. The CFTC’s listing shows the proposal as pending.

The CFTC approved Kalshi’s Bitcoin perpetual in May but said perpetual contracts tied to other asset classes should receive separate review. Chicago Mercantile Exchange Inc. sued the CFTC and Chairman Michael Selig in June over that Bitcoin approval, arguing that no-expiry contracts should be treated as swaps. The CFTC sought dismissal in an Oct. 16 filing, and the court had not ruled as of Oct. 23.

CME also challenged Kalshi’s proposed stock-linked perpetuals in an Oct. 14 SEC comment. That submission concerns securities products; the WTI application remains before the CFTC under its separate review process.