Kalshi Seeks CFTC Approval for Regulated WTI Perpetual

Kalshi is seeking approval from the Commodity Futures Trading Commission (CFTC) for a perpetual contract tied to West Texas Intermediate (WTI) crude oil, which could become the first regulated US oil perpetual.

If approved, the product would eliminate traditional futures rollovers and create new requirements for pricing, funding, margin, and risk management.

Kalshi has already gained experience in regulating perpetual contracts with its approval of BTCPERP, a perpetual futures contract referencing Bitcoin's spot price, on May 29. However, the CFTC indicated that perpetual designs may not suit every asset class, meaning a WTI product would require its own regulatory assessment.

The CFTC has already established a precedent for reviewing perpetuals, but a successful perpetual design needs to track its reference market accurately without weakening the information provided by conventional futures. Kalshi's proposal arrives as oil markets face elevated volatility, with WTI recently climbing above $90 per barrel amid renewed US-Iran tensions and concerns over disruptions around the Strait of Hormuz.