Kalshi files for first US regulated perpetual crude futures

Kalshi submitted a proposal to the Commodity Futures Trading Commission (CFTC) to launch an oil-linked futures contract that never expires, according to a report by Bloomberg. If approved, the contract tied to the West Texas Intermediate (WTI) benchmark would become the first perpetual crude future traded on a regulated exchange in the United States.

The submission triggers a mandatory 45-day review period during which the CFTC must approve or reject the derivative. Standard event contracts can be self-certified by exchanges, but perpetual futures require formal supervisory approval from the commission.

The filing comes as WTI crude futures have fluctuated across a wide range of $60 per barrel this year amid heightened geopolitical volatility. Kalshi designed the product for trading 24 hours a day, five days a week, removing standard expiration dates entirely.

The move follows a decision by CME to withdraw its own plans for around-the-clock crude trading after facing strong industry opposition. CME leadership has repeatedly criticized perpetual derivatives and took legal action against the CFTC earlier this year over its approval of Kalshi's crypto-linked perpetual contracts.

Commodities volume on Kalshi approached $400 million in early September. That business is expanding at nearly four times the pace registered by its cryptocurrency products at a comparable stage of development.