Kalshi seeks CFTC approval to launch copper perpetual futures, expanding from prediction markets into traditional derivatives.
DeFi & Yields ·
Kalshi has filed with the Commodity Futures Trading Commission to offer perpetual futures contracts tracking copper prices, marking an expansion beyond its core prediction market business. The filing, submitted August 18, proposes the COPPERPERP contract, which would reference copper spot prices in U.S. dollars per pound using data from Pyth Network, a blockchain-based provider aggregating price signals from exchanges and market makers. The contract would settle in cash with no expiration date, allowing traders to maintain open positions indefinitely.
This move follows Kalshi's May approval from the CFTC for Bitcoin perpetual futures and comes as the company broadens its footprint into traditional derivatives territory. The copper contract represents the latest step in a portfolio expansion that includes filings for stock-index perpetuals. Rival prediction market Polymarket has similarly signaled intent to offer perpetual futures products tied to equities and other assets.
Key unknowns remain around the approval timeline and whether the CFTC will grant the copper filing. Copper already trades extensively through established venues including CME's COMEX and the London Metal Exchange, so regulatory scrutiny of a new entrant offering the same underlying exposure is not yet fully clear.