Kalshi has filed to launch gold and silver perps

Kalshi has filed to list two dollar-settled perpetual futures tied to gold and silver, extending its no-expiry contract lineup beyond 18 cryptocurrencies for eligible U.S. traders.

Summary

• GOLDPERP and SILVERPERP are scheduled to begin trading on Sept. 9.
• Both contracts use Pyth Network prices and settle in U.S. dollars.
• Kalshi filed the products through the CFTC's self-certification process.
• The contracts will trade around the clock without fixed expiration dates.

Kalshi's Sept. 9 regulatory filings with the Commodity Futures Trading Commission show that the company plans to list GOLDPERP and SILVERPERP through its registered derivatives exchange.

Under the proposed terms, each product would give traders exposure to changes in the relevant metal's spot price without requiring delivery of physical gold or silver. Both contracts would settle in U.S. dollars and remain open indefinitely, according to the filings.

The company submitted the contracts under CFTC Regulation 40.2(a), which allows a designated contract market to certify that a new product follows the Commodity Exchange Act and the regulator's rules. Unlike a formal approval proceeding, self-certification does not necessarily involve an affirmative vote by the commission on each contract.

According to the contract terms, GOLDPERP will track the spot value of one troy ounce of gold in U.S. dollars. SILVERPERP will follow the corresponding U.S. dollar spot price for silver.

Kalshi identified Pyth Network as the price source for both products. Pyth publishes market data supplied by trading firms, exchanges, and financial institutions, which decentralized applications and trading platforms use to price assets.

Rather than ending on a set date, the contracts will use regular funding payments to keep their traded prices close to their reference markets. Depending on how a contract trades against its spot benchmark, traders holding long positions may pay traders holding short positions, or the payment may flow in the opposite direction.

The structure removes the need to move a position from an expiring futures contract into a later one. Traditional futures traders often conduct that process, known as rolling, when they want to maintain exposure beyond a contract's settlement date.

In its filing, Kalshi said a perpetual structure could reduce rollover costs for market participants that keep long-running gold exposure. The company identified potential users, including financial institutions, refiners, bullion dealers, and companies that use the metal in their operations.

Because both products settle in cash, traders will not receive bars, coins, or other physical metal. The filings also state that contract holders cannot demand delivery from Kalshi when closing or settling a position.

Under the submitted specifications, GOLDPERP and SILVERPERP will operate 24 hours a day and seven days a week. Kalshi's proposed schedule includes weekends and holidays, when major U.S. commodity futures markets are normally closed.

The filed schedule goes beyond an earlier plan for 24-hour trading on five days each week. Around-the-clock access would allow eligible customers to adjust positions while standard U.S. metals venues are closed, although liquidity and price differences may vary outside regular market hours.

Perpetual contracts also introduce costs and risks that do not apply in the same way to unleveraged ownership of physical metal. Kalshi's product design uses funding payments, while leveraged positions may face liquidation if the market moves far enough against the trader.

For U.S. investors, the contracts offer regulated derivatives exposure without requiring ownership of gold, silver or shares in a metal-backed exchange-traded fund. They also provide a different structure from listed options and dated futures, since neither contract requires the holder to select a monthly or quarterly expiration.

Kalshi said its silver filing accounts for conditions in the physical market, including supply deficits reported over several years and constrained availability during 2026. Since SILVERPERP cannot be converted into physical silver, the company said the contract would not permit holders to demand metal or place delivery pressure on its reference market.

The metal filings follow Kalshi's rapid addition of cryptocurrency perpetuals. On Sept. 4, the company added five crypto perps tied to BNB, Cardano, Worldcoin, Aave, and Venice Token.

According to the platform's product information, the five contracts are margined and settled in U.S. dollars, permit long and short positions, and carry different leverage limits. Maximum leverage reaches approximately 4.5 times for BNB and 1.9 times for Venice Token.

Including Bitcoin, Kalshi now lists perpetual futures connected to 18 cryptocurrencies. Its existing products include Ether, XRP, Solana, Hyperliquid, and Zcash, allowing users to trade their prices without holding the underlying tokens.

In June, the company also introduced an XRP perpetual after filing it under the same self-certification rule. The XRP contract filing specified a cash-settled product with no maturity date and a reference rate supplied by CME CF Benchmarks.

Kalshi took a different route with its first Bitcoin perpetual. The CFTC approved BTCPERP in May following a formal review, creating a regulated path for eligible U.S. traders to access a product that had previously been associated mainly with offshore cryptocurrency exchanges.

By June, Kalshi's perpetual futures had generated more than $5.5 billion in trading volume, according to company data cited in previous reporting. Later that month, Cboe Global Markets was considering whether to convert its long-dated Bitcoin and Ether futures into perpetual products after Kalshi's contracts recorded more than $8.5 billion in volume.

Kalshi's expansion into metal-linked contracts comes while the legal treatment of U.S. perpetual futures remains contested. CME Group sued the CFTC in the U.S. District Court for the District of Columbia on June 18, challenging the regulator's decision to treat Kalshi's Bitcoin perpetual as a futures contract.

CME argued that BTCPERP should be regulated as a swap, which would place it under a different legal framework. The exchange operator also claimed that the CFTC's decision created a competitive disadvantage for established futures venues.

In September, the regulator sought the case's dismissal, arguing that CME had not shown a concrete injury required to establish standing. The CFTC said CME could seek to list comparable perpetual futures through the same regulatory framework available to Kalshi.

The regulator also cited CME's Bitcoin and Ether futures activity, arguing that the exchange's volumes in June and August exceeded their May levels. According to the CFTC's motion, the figures did not support CME's claim that Kalshi's Bitcoin contract had caused a measurable competitive loss.

CME may contest the regulator's position in subsequent filings. The federal court has not ruled on the dismissal request or decided whether cryptocurrency perpetuals should be legally classified as futures or swaps.

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