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BTC Kalshi launches gold and silver perpetual futures contracts after receiving approval from the U.S. Commodity Futures Trading Commission
Kalshi began providing gold and silver perpetual futures contracts to U.S. traders after receiving approval from the U.S. Commodity Futures Trading Commission (CFTC). The move allows the company to open up new business lines outside of the forecasting market and include precious metals in the same contract structure that is already widely used by cryptocurrency traders.
Kalshi submitted the application in July. The CFTC, which oversees the derivatives market, approved the request this week, and the contract was officially launched on Thursday via the Kalshi website.
Kalshi initially entered the perpetual contract market through the cryptocurrency space. Regulators approved the products in late May, bringing the crypto market, with an annual trading volume of approximately $90 trillion, to a regulated U.S. trading platform for the first time. According to data released by the platform, Kalshi said that its nominal trading volume of cryptocurrency perpetual contracts has currently reached US$44 billion.
Udesh Jha, chief risk officer at Kalshi Clearing House, said traders 'demand has pushed metals to become the next target. "Metals such as gold and silver have unique market stories due to the impact of inflation." Udesh said.
Wall Street exchanges face competitive pressure
Kalshi's event market had attracted significant investment long before the announcement of the launch of metals and oil contracts. The company revealed that trading volume on its metals and oil contracts exceeded the $400 million mark in seven months, while it took twice as long for the crypto event market to reach that level.
Perpetual contracts are similar to futures contracts that have no expiration date. Traders do not need to hold the asset itself, only need to trade based on market price fluctuations. Regular funding fees help align the price of the perpetual contract with the spot price of the asset.
Meanwhile, Kalshi submitted an approval application in August to introduce perpetual contracts on U.S. stocks, copper and foreign exchange. Gold and silver became the first non-crypto assets approved by the CFTC for trading as perpetual contracts.
The move also comes at a time of fierce competition among derivatives exchanges. Shares in Cboe Global Markets (NYSE: CBOE) and Chicago Mercantile Exchange Group (NASDAQ: CME) both fell on concerns that perpetual futures could affect traditional futures markets. CME Group has filed a lawsuit in court in an attempt to block U.S. approval of perpetual contracts, arguing that regulators approved the contracts through improper procedures.
Udesh said Kalshi believes regulation is the main reason for the rapid growth of its perpetual contract business. "It all comes down to the fact that this is a regulated platform. We use the right approach and have appropriate risk control measures... Unregulated platforms will always encounter ceilings."
