Kalshi Launches 24/7 Gold and Silver Perpetual Contracts on Its CFTC-Designated Exchange

Kalshi announced on September 10, 2026, that it is launching perpetual futures contracts on gold and silver, trading around the clock, seven days a week. In its announcement, the company described the contracts as bringing “24/7, CFTC-regulated trading to precious metals, with no expiration date,” and called them “the first of their kind in America” — a characterization that is Kalshi’s own marketing claim and has not been independently verified.

The launch extends Kalshi’s perpetuals lineup beyond crypto assets into metals for the first time. Perpetual contracts, unlike conventional futures, have no expiration date, meaning positions do not need to be rolled into new contracts on a fixed schedule.

What the product page shows

As of a September 12, 2026 review of Kalshi’s perpetuals page, the gold and silver contracts appear under a “Metals perpetuals” section marked “New.” The page showed a maximum leverage of 15.8x for gold and 8.5x for silver. General copy on the page describes perpetuals as instruments to “trade prices up or down, with up to 15x leverage and no expiration.”

Snapshot figures displayed on the page at that time — two days after the announcement, not launch-day data — showed gold trading around $4,353.1 with roughly $1.57 million in 24-hour volume, and silver around $64.49 with roughly $316,822 in 24-hour volume. Both contracts displayed a funding rate of 0.0000% at the time of retrieval. Kalshi has not published full contract specifications in the materials reviewed, so details such as tick sizes, settlement mechanics and fee schedules beyond the displayed leverage caps and funding-rate fields are not confirmed here.

Kalshi’s case against traditional metals exposure

In its announcement, Kalshi argued that the expiration structure of conventional futures was designed for physical agricultural delivery — farmers locking in grain prices across a harvest season — and does not fit assets like metals, Bitcoin or currencies. The company contended that investors seeking precious-metals exposure face flawed alternatives: traditional futures carry rollover fees, ETFs are indirect and charge management fees without offering leverage, and physical metal is costly to store, transport and sell.

These are the company’s stated arguments for its own product, not established findings. Kalshi also asserted that perpetuals account for “$90 trillion in offshore trading volume in 2025,” a figure presented without sourcing in the announcement and included here only as the company’s claim. The broader pitch is that perpetuals concentrate liquidity in a single contract, trade continuously — including weekends, when conventional futures markets are closed — and avoid recurring roll costs.

Where the contracts sit in Kalshi’s lineup

The metals contracts join an existing roster of crypto perpetuals listed on the same page, including bitcoin, ether, solana, XRP, dogecoin and more than a dozen other tokens. As of the September 12 retrieval, bitcoin perpetuals showed the heaviest activity on the page, with about $161.9 million in 24-hour volume, followed by ether at about $146.2 million — figures that underscore how early the metals products are by comparison, based on the displayed snapshots.

Regulatory status

Kalshi operates as a designated contract market. The CFTC’s Designated Contract Markets listing shows Kalshi designated since November 3, 2020, and notes that on January 17, 2025, the Commission granted Kalshi’s petition to modify its order of designation to permit intermediated futures trading.

That record documents the exchange’s designation and the 2025 modification; it does not document CFTC approval, certification or review of the gold and silver perpetual contracts specifically, and no such product-level approval appears in the materials reviewed. Kalshi’s description of the contracts as “fully regulated by the CFTC” reflects their trading on a designated exchange.

The launch positions Kalshi’s perpetuals business — until now a crypto-only offering — against the traditional venues for U.S. metals derivatives, with the company betting that an expiration-free, continuously trading contract will draw participants away from futures rolls, ETFs and physical holdings.