Kalshi, a prediction markets platform, is planning to seek US regulatory approval for a perpetual West Texas Intermediate crude oil futures contract. This move signifies the company's expansion into traditional financial markets and, if approved, would introduce the first oil-linked perpetual futures product on a regulated US platform. The company aims to offer this WTI contract five days a week, around the clock, and intends to submit the filing to the CFTC as early as next week.
Kalshi has structured its proposed crude contract to address concerns previously raised by the Commodity Futures Trading Commission (CFTC) regarding 24/7 futures trading and perpetual energy contracts. The CFTC has been actively soliciting public input on the implications of continuous trading for standard futures and the appropriateness of perpetual contracts for physically delivered or storable energy commodities. Earlier this year, the CFTC halted a proposed CME Group crude oil futures contract that aimed for round-the-clock trading.
The regulatory landscape for perpetual futures is evolving. While the CFTC approved KalshiEX LLC's bitcoin perpetual futures contract in May 2026, the agency made it clear that perpetual contracts referencing other asset classes, including energy commodities, require independent analysis. Critics, such as CME's outgoing CEO Terry Duffy, have voiced concerns about the risks associated with these complex, leveraged products, particularly for retail investors, calling them a "disaster waiting to happen." Kalshi, however, claims its perpetual contracts have seen significant trading volumes, reaching $16.1 billion, primarily driven by institutional investors.
