Overview
- Kalshi launched GOLDPERP and SILVERPERP this week after filing with the CFTC, offering dollar‑settled perpetual futures that do not expire and will not allow physical delivery of metal.
- Both contracts use Pyth Network as their price source and rely on periodic funding payments to keep contract prices aligned with spot gold and silver markets.
- Kalshi set the markets to trade around the clock, including weekends and holidays, so traders can change positions when traditional U.S. metal futures are closed.
- The launch comes as Kalshi expands from crypto perps into commodities and seeks permission for equity, copper and currency perps, while CME Group’s lawsuit challenging the regulator’s treatment of perps remains active.
- If trading shifts onshore, retail and institutional access to 24/7 perpetuals could increase and incumbent exchanges may face revenue and surveillance challenges, with the court outcome set to determine clearing, margin and oversight rules.