Kalshi Seeks CFTC Approval for Copper Perpetual Futures Contract
Kalshi is expanding its derivatives lineup beyond digital assets by seeking CFTC approval for a cash-settled copper perpetual futures contract. The proposed product, COPPERPERP, would reference Pyth Network's XCU-USD price feed and remain open-ended, allowing traders to gain long or short exposure to copper without requiring delivery of the underlying metal.
The structure is familiar to crypto traders, who use perpetual futures to gain leveraged exposure without directly holding an asset. Kalshi is bringing this market design into a federally regulated U.S. derivatives venue, following the CFTC's approval of its Bitcoin perpetual in May.
Copper gives Kalshi exposure to a commodity linked to electrification, construction, electric vehicles, power infrastructure, and AI data centers. The proposed product would enter an established market, with copper futures already trading on CME's COMEX, the London Metal Exchange, and the Shanghai Futures Exchange.