Kalshi has started trading “Perps,” perpetual gold and silver futures, for U.S. traders.

On Sept. 10, local time, blockchain outlet Cryptopolitan and others reported that Kalshi launched perpetual gold and silver futures (Perps) contracts after receiving approval from the U.S. Commodity Futures Trading Commission (CFTC). Trading began that day on Kalshi’s website. CFTC materials also confirm that the gold and silver Perps contracts were certified on Sept. 8.

The product launch is seen as a move by Kalshi to expand its business beyond prediction markets and cryptocurrencies. A key feature is that gold and silver can be traded in the same perpetual futures structure as existing crypto Perps. Kalshi applied for approval to introduce gold Perps in July and received CFTC approval in early September.

Kalshi started its Perps business in cryptocurrencies. The CFTC approved Kalshi’s bitcoin Perps contract in May, and Kalshi has since expanded the crypto Perps market. Kalshi said the notional trading volume of crypto Perps has since reached $44 billion, or about 5.93 trillion won.

Kalshi cited trader demand as the reason for expanding Perps products to gold and silver. Udesh Jha (우데시 자), chief risk officer at Kalshi Klear, said metals, especially gold and silver, can attract investor interest as assets linked to inflation.

Growth in metals-related products has also stood out. Kalshi said trading volume for metals and crude oil-related contracts exceeded $400 million, or about 539 billion won, within seven months of launch. That is twice as fast as the time it took the crypto event market to reach the same scale. Reuters reported that Kalshi said monthly trading volume for metals and commodities-related products topped $400 million in September.

Perps differ from typical futures contracts in that they have no expiration date. Traders can trade based on price moves without directly holding the underlying asset, and the contracts are designed to track spot prices through funding paid at regular intervals.

Kalshi plans to keep expanding its Perps product lineup. In August, it applied for approval to introduce Perps based on U.S. stocks, copper and foreign exchange. It is a move to broaden the product range to non-crypto assets following gold and silver.

Competition with existing derivatives exchanges over the Perps market is also intensifying. As concerns grow that U.S. regulators’ acceptance of Perps could intensify competition in the traditional futures market, Cboe Global Markets and CME Group have been cited as exchanges that could be affected.

CME Group, which operates a derivatives exchange, is responding legally to the CFTC’s approval of Perps. CME Group has filed a lawsuit against the CFTC, arguing that the process by which regulators allowed Perps contracts was improper, and has asked that approval of Perps in the United States be blocked.

Kalshi stressed the regulatory environment as a driver of growth in its Perps business. Jha said the ability to trade on a regulated platform under appropriate risk controls has been a key factor in business growth. He added that unregulated platforms had limits in expanding the market.

Kalshi’s launch of gold and silver Perps is expected to be an opportunity to expand a business structure that had centered on prediction markets into traditional derivatives. Key variables include whether it can expand Perps to U.S. stocks, copper and foreign exchange, and competition and friction with existing derivatives exchanges and regulators.