Prediction platform Kalshi targets US oil market with perpetual WTI contract

Kalshi is preparing to take its push into financial markets a step further by seeking US regulatory approval for a perpetual futures contract tied to West Texas Intermediate crude oil, potentially opening the door to a new way of trading oil around the clock, Reuters reported on Wednesday.

Kalshi could file the contract with the US Commodity Futures Trading Commission as early as next week, according to a source familiar with the matter cited by Reuters.

If approved, the WTI contract would be the first perpetual futures product linked to oil to trade on a regulated US platform. It would also bring to the US market a product that has already drawn strong demand on offshore decentralised exchanges such as Hyperliquid.


Perpetual futures, commonly known as "perps", have no expiry date, allowing traders to maintain positions indefinitely without rolling them into a new contract. They can also offer high levels of leverage, which can magnify both gains and losses from movements in the underlying asset.

For Kalshi, the proposed oil contract represents a broader push beyond prediction markets and into derivatives, putting it in competition with traditional exchange operators across a growing range of asset classes.

The company has already filed with regulators to launch perpetual contracts tied to equity indexes and metals. It has also submitted filings for foreign exchange and interest-rate perpetuals, according to media reports cited by Reuters. The CFTC has said contracts involving new asset classes would be reviewed on a case-by-case basis.

The proposed oil contract could face a particularly important regulatory test as US authorities consider how far energy derivatives can move toward continuous trading.

According to the source cited by Reuters, Kalshi has structured the new contract to address regulatory concerns raised during a CFTC review of 24/7 futures and perpetual energy contracts.

The regulator had set an August 26 deadline for public comments on a proposal that would allow around-the-clock trading of standard futures contracts and permit perpetual contracts linked to physically delivered or storable energy commodities.

The issue has already drawn scrutiny in the crude market. Earlier this year, the CFTC halted the listing of a contract that would have allowed CME Group to launch round-the-clock trading in crude oil futures.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)