Kalshi Seeks Approval for Perpetual Oil Futures Contract

Kalshi, a company that offers cryptocurrency derivatives, is seeking approval from the Commodity Futures Trading Commission (CFTC) for its perpetual oil-linked futures contract. The proposed West Texas Intermediate crude oil (WTI) contract would be the first regulated perpetual oil futures product in the US and allow traders to maintain positions without the need to roll expiring contracts.

Perpetual futures contracts, like Kalshi's Bitcoin perpetual futures contract BTCPERP, never expire and use a funding rate mechanism to keep prices tied to the underlying spot market. The company launched its Bitcoin perpetual futures contract in late May 2026, which has already accumulated $16.1 billion in notional trading volume by early July 2026.

The CFTC recently held public discussions about perpetual contracts for storable energy commodities and Kalshi's filing will be reviewed under the agency's Regulation 40.3 process. The CME Group, which dominates US oil futures trading through its NYMEX division, has opposed the CFTC's approach to perpetual contracts.