Is Kalshi Turning Prediction Markets Into A Full Derivatives Exchange?

Kalshi is seeking approval for perpetual futures tied to gold, forex and energy as the platform looks beyond crypto markets.

Kalshi Derivatives

Kalshi is in advanced talks with regulators to launch perpetual futures tied to traditional assets, including metals, foreign exchange and energy markets.

The company has already entered the crypto perpetual futures market, making it one of the first regulated U.S. platforms to offer the product. It now wants to apply that model to assets that trade heavily during periods of geopolitical and economic stress.

Perpetual futures differ from conventional futures because they do not expire. Traders can keep positions open without rolling contracts into a new delivery month.

Chief Risk Officer Udesh Jha said demand from market participants is helping shape Kalshi’s priorities, according to Reuters. Gold has emerged as a strong candidate because it appeals to both retail and institutional traders.

Jha also pointed to foreign exchange, metals and energy as attractive markets because they are often shaped by politics, seasonal demand and macroeconomic shocks. Kalshi’s crypto perpetual products have produced about $16.1 billion in trading volume.

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Robinhood Rivalry

The plan would move Kalshi closer to Robinhood, which has been expanding beyond stock trading and into broader derivatives access.

Earlier this month, Robinhood introduced multi-asset perpetual futures on Bitstamp. The product allows eligible users to trade cryptocurrencies, commodities, equity indices and foreign exchange through one pool of collateral.

Industry reports say Robinhood is also working toward a U.S. perpetual futures launch, subject to regulatory approval. If both companies secure clearance, regulated perpetual futures could become a more crowded market.

Kalshi’s focus on gold, forex and energy also shows how its strategy is moving from event contracts into products that resemble mainstream trading instruments. That could widen its audience, but it also raises the regulatory stakes.

The backdrop matters because Kalshi has faced legal pressure before. The platform was recently in the headlines after Judge Torres ruled against it in a New York gambling case linked to Ripple, showing how its expansion remains tied to unresolved questions over market structure and oversight.

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