Kalshi Seeks CFTC Approval for Perpetual Crude Oil Contract

Kalshi, a prediction-market startup, is planning to file a request with the Commodity Futures Trading Commission (CFTC) to approve a perpetual West Texas Intermediate (WTI) crude oil contract. This would be the first of its kind on a regulated US platform and would allow traders to keep positions open without having to close and reopen them as a contract nears its end.

The CFTC has been reviewing new products, including perpetual futures, on a case-by-case basis and gathering public feedback on proposals that touch on round-the-clock trading in standard futures. Kalshi's WTI perp is designed to address concerns raised in the commission's earlier review, which halted the listing of a contract that would have allowed CME Group to offer around-the-clock crude oil futures trading.

Approval of Kalshi's product could set the rules for other US venues and become a template for energy-linked perpetuals. The design details accepted by regulators will be crucial, including trading hours, links to a physically deliverable benchmark, and safeguards for a market that can jump on global news.