Prediction market Kalshi is seeking US regulatory approval to offer perpetual futures in gold, silver, and platinum. This move expands Kalshi's challenge to traditional exchanges and capitalizes on the booming demand for perpetual products, which originated in cryptocurrency markets.

Perpetual futures allow traders to use leverage and bet on market movements 24 hours a day, even when traditional markets are closed. The Commodity Futures Trading Commission (CFTC) has already granted Kalshi approval for crypto-based perpetuals, allowing onshore trading previously dominated by offshore markets like Singapore-based Hyperliquid.

The Chicago Mercantile Exchange (CME) is opposing Kalshi's expansion, arguing that perpetual futures are not true futures but regulated swaps. CME is also introducing its own 24-hour gold future, which has an expiry date, as it competes with platforms like Kalshi and Hyperliquid.