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. You might also like: Kalshi court split could fragment US prediction markets: expert Kalshi gold and silver perps will use Pyth prices 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.