Kalshi Expands Beyond Crypto with Gold and Silver Perps After CFTC Approval

Kalshi has expanded its derivatives offering beyond cryptocurrencies to include gold and silver perpetual futures after receiving approval from the Commodity Futures Trading Commission (CFTC). The new contracts, GOLDPERP and SILVERPERP, allow traders to take leveraged positions on the price of precious metals without owning the underlying assets. This move follows strong institutional momentum for Kalshi, which raised $1.12 billion via a private equity offering targeting $1.5 billion total, with a valuation of $22 billion from its May Series F funding round.

The new contracts use a perpetual structure, allowing traders to bet on gold and silver price movements without owning the underlying metals. Unlike traditional futures, perpetual contracts have no expiration date and use funding payments to keep prices aligned with the underlying market. Kalshi currently lists maximum leverage of 15.7x for gold and 8.6x for silver.

Kalshi's expansion into traditional derivatives territory could increase pressure on established exchanges such as CME Group and Cboe Global Markets, which have raised concerns about Kalshi's growing derivatives business. The company has defended its products by pointing to its CFTC-regulated status and risk controls.