TLDR
- Kalshi filed with the CFTC to list GOLDPERP and SILVERPERP perpetual futures contracts on September 9.
- Both contracts are cash-settled, never expire, and will trade 24/7 including weekends and holidays.
- Pyth Network is the price source for both products; no physical metal is involved.
- Kalshi already lists perpetual futures on 18 cryptocurrencies, generating over $8.5 billion in trading volume.
- CME Group is suing the CFTC over how Kalshi’s Bitcoin perpetual is legally classified.
Prediction market and derivatives exchange Kalshi has filed with the Commodity Futures Trading Commission to list perpetual futures contracts tied to gold and silver. The filings were submitted on September 9 under CFTC Regulation 40.2(a), which allows a registered exchange to certify a new product rather than wait for a formal commission vote.
📰SCOOP: Kalshi Files with US CFTC to Launch Gold and Silver Perpetual Future Contracts
Prediction market plans GOLDPERP and SILVERPERP to go live today. These will be cash-settled, no expiry date, 24/7 trading & referenced to Pyth Network spot price.
First CFTC-regulated… pic.twitter.com/bQDp5z10Pt
— Rednirav (@CryptoRednirav) September 9, 2026
The two new contracts are named GOLDPERP and SILVERPERP.
What the Contracts Actually Are
GOLDPERP tracks the spot price of one troy ounce of gold in U.S. dollars. SILVERPERP tracks the corresponding silver spot price. Both contracts settle in cash, meaning traders never receive physical metal.
Instead of expiring on a fixed date, the contracts stay open indefinitely. Funding payments are used to keep the contract price close to the spot price. Traders holding long positions may pay those holding short positions, or the reverse, depending on market conditions.
This structure removes the need to “roll” a position from one expiring contract into another. Kalshi said this could lower costs for hedgers, bullion dealers, refiners, and others with ongoing exposure to metal prices.
Both contracts use Pyth Network as their price source. Pyth aggregates market data from trading firms, exchanges, and financial institutions.
Trading Hours and Market Access
Kalshi set both contracts to trade 24 hours a day, seven days a week, including weekends and holidays. This is broader than an earlier plan the company discussed in July, which centered on a 24/5 schedule.
For U.S. traders, this offers access to gold and silver price exposure at times when traditional futures markets are closed.
Kalshi noted that silver has seen consecutive annual supply deficits since 2021, with further tightness in late 2025 and early 2026. Because SILVERPERP is cash-settled, the company said it cannot create delivery pressure on physical markets.
Kalshi’s Broader Expansion
These metal contracts follow a rapid expansion in crypto perpetuals. Kalshi received CFTC approval for its Bitcoin perpetual in May, the first such product regulated in the United States. It has since added 17 more crypto assets, including Ether, XRP, Solana, and Hyperliquid.
On September 4, Kalshi added five more crypto perps tied to BNB, Cardano, Worldcoin, Aave, and Venice Token. By June, the platform had generated over $8.5 billion in cumulative trading volume across its perpetual futures products.
CME Group filed a lawsuit against the CFTC in June, arguing that Kalshi’s Bitcoin perpetual should be classified as a swap rather than a futures contract. The CFTC has since sought dismissal of the case, stating CME had not shown a concrete competitive injury. The court has not yet ruled.
Kalshi’s gold and silver contracts are a separate product type from its existing short-dated event contracts on the same metals.
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