Kalshi Files for Gold and Silver Perpetual Futures with CFTC

Kalshi is expanding its reach in precious metals trading by filing for gold and silver perpetual futures contracts with the Commodity Futures Trading Commission (CFTC). The company, known for its rapid rollout of crypto-linked derivatives, aims to list the contracts on a self-certification pathway, which would allow them to move towards listing without a formal commission vote.

The two proposed instruments, GOLDPERP and SILVERPERP, will mirror the U.S. dollar spot price of one troy ounce of gold and silver, respectively. They will settle entirely in cash, meaning traders never receive physical metal, and contract holders cannot demand delivery from Kalshi when closing a position.

Kalshi wants these contracts to trade nonstop, 24/7, including weekends and holidays, which is an expansion from their earlier proposal of 24/5 trading. The company has chosen Pyth Network as the designated price oracle for both products, which will determine the reference price used to settle and fund the contracts.

The filing cites persistent silver supply shortfalls dating back to 2021, with expected tightness continuing through early 2026. Kalshi argues that its cash-settled perpetual futures would not add delivery pressure to an already strained underlying market, as traders get price exposure without affecting physical supply-demand balances.