According to Reuters, Kalshi is in advanced discussions with U.S. regulators to introduce perpetual futures linked to traditional assets, extending the strategy it first used in crypto markets. The proposal covers contracts tied to precious metals, foreign exchange, and energy, while the company is also evaluating perpetual products linked to stock indices and individual equities over time. As reported by Reuters, Kalshi co-founder Tarek Mansour confirmed in June that the company was looking to expand perpetual futures beyond crypto, without specifying which asset classes would be targeted. Unlike traditional futures, perpetual contracts have no expiration date, allowing traders to keep positions open without rolling them into new contracts. The company's Chief Risk Officer Udesh Jha indicated that investor demand continues to shape Kalshi's roadmap, with gold emerging as one of the top priorities because it appeals to both retail and institutional traders. The expansion marks the company's next step after launching U.S.-regulated crypto perpetual futures in May, with the company now aiming to attract both retail and institutional traders while challenging established exchanges and competing more directly with Robinhood in the fast-growing derivatives market.
As reported by Reuters, Kalshi became one of the first regulated U.S. platforms to offer crypto perpetual futures, and those products have already generated about ₹1,31,000 crore ($16.1 billion) in trading volume. Since the launch of these derivatives on Kalshi, perpetual contracts have accounted for trading volumes of $16.1 billion on the platform. Jha noted that foreign exchange, metals, and energy markets remain highly attractive due to geopolitical developments and seasonal market trends, with the focus on these traditional asset classes highlighting Kalshi's attention to assets that often attract strong trading activity during times of economic uncertainty. The company estimates that offshore perpetual futures trading reached $90 trillion last year, more than triple the volume in 2023, demonstrating significant market traction in the prediction markets space. Most of the trading volumes are coming primarily from institutional investors, with Jha noting that "if you look at the volumes that we have, a lot of that is coming primarily from institutional investors."
According to Reuters, Kalshi's latest regulatory push places it in more direct competition with Robinhood, which has been expanding well beyond its traditional brokerage business. Earlier this month, Robinhood introduced multi-asset perpetual futures through Bitstamp, allowing eligible customers to trade cryptocurrencies, commodities, equity indices, and foreign exchange using a single collateral pool. However, Kalshi's ambitions face growing industry resistance, with CME Group criticizing retail-focused perpetual products and filing legal action against the CFTC after regulators cleared Kalshi and Coinbase to list crypto perpetual futures. CME's outgoing CEO Terry Duffy in June criticized the CFTC for allowing the rollout of perps, calling the products a "disaster waiting to happen." Since then, CME has sued the CFTC and its chairman, Michael Selig, challenging the recent decision to let Kalshi and cryptocurrency exchange Coinbase list perpetual futures. Many saw that lawsuit as an attempt to safeguard CME's position as the top U.S. derivatives exchange. The CFTC is currently seeking public input on the potential expansion of perpetual contracts tied to delivered or storable energy commodities, such as crude oil, with trading of perps in other asset classes, if approved, taking place during regular trading hours, not round the clock.
Recent developments have highlighted Kalshi's legal challenges in the prediction markets space. As reported by Reuters, the platform was recently in the headlines after Judge Torres ruled against Kalshi in a New York gambling case related to Ripple-linked lawsuits. This legal setback comes as the company navigates increasing scrutiny around prediction markets, with Google updating its Chrome Web Store Developer Program policies to prohibit browser extensions facilitating real-money transactions on predictive outcomes, effective August 1, 2026. The policy change follows mounting legal and regulatory disputes involving platforms such as Kalshi and Polymarket over event-based contracts and state gambling laws, creating additional challenges for the company's expansion plans. Perpetual futures contracts, also called "perps," are futures contracts without expiration dates, allowing investors to hold positions indefinitely rather than closing them out or rolling them over. These contracts also allow traders to borrow heavily, sometimes as much as 50 times the value of the contract, to amplify their bets, though critics have warned that these types of contracts are risky for retail investors who may not fully grasp their complexity.
