Kalshi Files to Launch Gold and Silver Perpetuals: GOLDPERP and SILVERPERP Extend Crypto Favorite Product to Metals

Kalshi has filed with the Commodity Futures Trading Commission to list two dollar-settled perpetual futures tied to gold and silver, pushing its no-expiry contract lineup beyond 18 cryptocurrencies and into physical commodities for the first time — with trading in GOLDPERP and SILVERPERP scheduled to begin on September 9.

By Raj Patel | September 9, 2026

The Hook: Perpetuals Break Out of Crypto

Kalshi’s September 9 regulatory filings with the CFTC show the company plans to list GOLDPERP and SILVERPERP through its registered derivatives exchange, extending a product format born on offshore crypto venues into the world’s largest metals markets. Each contract gives eligible US traders exposure to changes in the spot price of one troy ounce of gold or the corresponding silver spot price, settles in US dollars, and never expires. No physical metal changes hands at any point.

The filings arrive while the legal status of US perpetual futures remains contested. CME Group sued the CFTC in the US District Court for the District of Columbia on June 18, challenging the regulator’s decision to treat Kalshi’s Bitcoin perpetual as a futures contract rather than a swap — a dispute that could determine whether Kalshi’s entire perpetual lineup faces a different regulatory regime. Kalshi’s expansion into metals signals the company is not waiting for the courts to settle the question.

How the Contracts Work

According to the contract terms filed with the CFTC, GOLDPERP will track the spot value of one troy ounce of gold in US dollars, while SILVERPERP follows the US dollar spot price of silver. Kalshi identified Pyth Network as the price source for both products. Pyth publishes market data supplied by trading firms, exchanges, and financial institutions, and is widely used by decentralized applications and trading platforms to price assets.

• Self-certification — filed under CFTC Regulation 40.2(a), which lets a designated contract market certify that a new product complies with the Commodity Exchange Act without an affirmative commission vote on each contract
• Funding payments — instead of expiry dates, regular payments between long and short holders keep traded prices anchored to the spot benchmark
• 24/7 trading — the filed schedule covers weekends and holidays, when major US commodity futures markets are closed, going beyond an earlier five-day 24-hour plan
• Cash settlement only — holders receive no bars or coins and cannot demand physical delivery from Kalshi
• Price source — Pyth Network supplies reference prices for both contracts

Why Perpetual Metals Contracts Matter

The perpetual structure removes the need to roll positions from an expiring futures contract into a later one — a routine cost for institutions that maintain long-running exposure. In its filing, Kalshi said the structure could reduce rollover costs for financial institutions, refiners, bullion dealers, and companies that use the metals in their operations. Gold has drawn record attention this year as a safe-haven asset, and silver has faced supply deficits reported over several years with constrained availability during 2026, conditions Kalshi specifically acknowledged in its silver filing.

The risks are equally explicit. Perpetuals introduce funding costs that unleveraged physical ownership does not carry, and leveraged positions can face liquidation if the market moves far enough against the trader. Liquidity and pricing outside regular market hours may also differ from weekday sessions, even though the contracts trade around the clock.

The Expansion Path: From Bitcoin to Bullion

The metals filings follow a rapid buildout of Kalshi’s perpetual futures lineup. The CFTC approved its first Bitcoin perpetual, BTCPERP, in May after a formal review — a regulated path for a product previously associated mainly with offshore crypto exchanges. By June, Kalshi’s perpetuals had generated more than 5.5 billion USD in trading volume, and by late June more than 8.5 billion USD, a figure that had Cboe Global Markets weighing whether to convert its long-dated Bitcoin and Ether futures into perpetual products.

On September 4, Kalshi added five crypto perps tied to BNB, Cardano, Worldcoin, Aave, and Venice Token, with maximum leverage reaching roughly 4.5 times for BNB and 1.9 times for Venice Token. Including Bitcoin, the platform now lists perpetual futures connected to 18 cryptocurrencies, among them Ether, XRP, Solana, Hyperliquid, and Zcash. GOLDPERP and SILVERPERP are the first contracts on the exchange tied to commodities rather than crypto or event outcomes.

Market Implications: The Commingling of Crypto and Commodity Rails

For US investors, the contracts offer regulated derivatives exposure to gold and silver without owning metal or shares in a metal-backed exchange-traded fund, and without selecting monthly or quarterly expirations. For the broader market, the significance is architectural: a crypto-native product format, priced by an oracle network built for decentralized finance, now covers the oldest hedging assets in existence. The boundary between crypto market infrastructure and traditional commodities trading is dissolving from both directions.

The move also pressures incumbent exchanges. If perpetual metals contracts gain traction on a CFTC-registered venue trading 24/7, the weekend and overnight gaps that define listed futures schedules become a competitive liability. CME’s lawsuit against the CFTC, whatever its merits, underscores how much is at stake in how these products are classified.

The Verdict

Kalshi is methodically converting itself from a prediction-market novelty into a multi-asset perpetuals exchange, one self-certified filing at a time. GOLDPERP and SILVERPERP may look like a side bet next to an 18-coin crypto lineup, but they are arguably the strategic core: if the format works for gold, it works for anything with a price. The CFTC’s response — and CME’s courtroom challenge — will decide how far that logic runs.

The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.