According to reports from Bloomberg, Kalshi is preparing to file for a WTI crude oil perpetual futures contract with the US Commodity Futures Trading Commission, potentially creating the first regulated US oil perp. The company could submit the filing to the CFTC as soon as next week, seeking permission to offer the WTI contract five days a week around the clock. The proposed 24/5 product would trade 24 hours a day from Monday through Friday, rather than operating continuously throughout the week, representing a compromise between existing commodity trading hours and fully continuous markets. If approved, this contract would represent a significant milestone in continuous energy trading capabilities and would become the first WTI perpetual futures contract offered through a regulated US exchange.
As reported by Bloomberg, perpetual futures, commonly known as 'perps', have no expiry date, allowing traders to maintain positions indefinitely without rolling them into new contracts. These products can offer high levels of leverage, which can magnify both gains and losses from movements in the underlying asset. The proposed WTI contract would remove the traditional expiration date process where traders must close or settle expiring positions and open new contracts with later maturity. Unlike conventional futures, perps have no expiration and allow traders to maintain positions without periodically rolling contracts. The contract would use recurring payments or another price adjustment mechanism to keep its value close to the underlying oil benchmark, with offshore crypto exchanges commonly using funding payments exchanged between long and short traders. Kalshi has not publicly disclosed how its WTI product would remain aligned with the underlying oil benchmark, with the method becoming clearer once the exchange submits its proposed contract terms to the CFTC.
According to crypto.news, Kalshi expanded its cryptocurrency derivatives lineup on September 4 by launching perpetual contracts linked to BNB, Cardano (ADA), Worldcoin (WLD), Aave (AAVE) and Venice Token (VVV) for eligible U.S. traders. The contracts are margined and settled in U.S. dollars and allow traders to take long or short positions without a fixed expiration date. Maximum leverage varies by product, reaching 4.5 times for BNB and 1.9 times for VVV. The additions bring Kalshi's lineup to Bitcoin and 17 altcoin perpetual contracts, with existing markets including Ether, XRP, Solana, Hyperliquid and Zcash. The five new additions cover several areas of the crypto market, with BNB being the native asset of BNB Chain, ADA supporting the Cardano network, AAVE serving as the governance token of the Aave lending protocol, and Worldcoin's WLD and Venice Token's VVV providing exposure to projects connected with artificial intelligence.
The CFTC approved Kalshi's launch of perpetual futures in May, but limited that approval to cryptocurrencies including Bitcoin. Perpetual futures tied to physical commodities such as crude oil require a separate review before launch. In June, the CFTC held a public comment process to examine how perpetual futures on energy products including oil could affect investor protection and related issues. As of September 3, no application for the proposed WTI contract appeared in the CFTC's public product filing database, with specifications, margin requirements, position limits, funding mechanism and expected launch date remaining unconfirmed. The proposed oil contract could face a particularly important regulatory test as US authorities consider how far energy derivatives can move toward continuous trading. The agency recently considered rules that could allow around-the-clock trading of standard futures as well as perpetual contracts tied to physically delivered or storable energy commodities.
The legal treatment of crypto perpetuals remains contested, with CME Group suing the CFTC after the regulator authorized Kalshi's Bitcoin perpetual contract. CME argues that perpetual products should be treated as swaps rather than conventional futures, which would subject them to a different regulatory structure. The CFTC moved to dismiss CME's lawsuit on September 2, arguing that CME lacks standing because it can offer comparable products through its own registered exchange. The agency's lawyers stated that "this lawsuit is much ado about nothing." If CME's challenge proceeds, the court could examine whether the CFTC properly treated Kalshi's products as futures rather than swaps. If Kalshi receives CFTC approval for its WTI contract, it could become the template other US venues work from and set expectations for how energy perps can be built and when they can trade, potentially shaping how fast competitors can launch extended-hours energy futures.
