Kalshi has launched 24/7 perpetual trading for gold and silver in the United States, introducing a new way for investors to gain exposure to precious metals without the expiration dates attached to traditional futures contracts.
The prediction markets operator said the new products are the first of their kind in America and are fully regulated by the Commodity Futures Trading Commission (CFTC).
The launch reflects a broader shift in how financial markets are being structured around assets that trade on global markets around the clock. While traditional futures were designed around specific delivery dates, Kalshi argues that this structure does not always fit modern financial assets such as precious metals and cryptocurrencies.
Why Kalshi is changing the futures model
Traditional futures contracts were originally developed to help producers and buyers manage the uncertainty of commodity prices over a defined period.
The model worked particularly well for agricultural commodities, where farmers and buyers needed to agree on prices ahead of harvest and delivery.
But financial markets have expanded significantly since then.
Gold and silver are now traded primarily as financial assets, with investors using them to hedge against economic uncertainty, speculate on price movements and respond to changing macroeconomic conditions.
Kalshi argues that exposure to these assets does not necessarily need to follow a fixed expiration schedule.
Its new perpetual contracts are designed to allow investors to maintain exposure without having to deal with scheduled contract expirations.
Gold and silver trading without expiration
For investors seeking exposure to precious metals, Kalshi says existing options come with different limitations.
Traditional futures require investors to manage contract expirations and potentially roll positions into new contracts.
Exchange traded funds provide indirect exposure and generally involve management fees, while physical gold and silver come with costs associated with storage, transportation and eventual sale.
Perpetual contracts are designed differently.
According to Kalshi, the new products allow gold and silver exposure through contracts that do not expire and can trade continuously, including weekends.
The company argues that concentrating liquidity into a perpetual contract can reduce some of the friction associated with repeatedly moving between expiring futures contracts.
Why 24/7 markets matter
One of the central arguments behind Kalshi’s launch is that financial information does not stop when traditional markets close.
Geopolitical developments, economic announcements and other events can happen at any time, potentially affecting commodity prices before conventional markets reopen.
Kalshi says a 24/7 structure gives market participants the ability to respond to these developments rather than waiting for the next trading session.
The company also points to the growing popularity of perpetual contracts outside the US. According to Kalshi, perpetuals accounted for about $90 trillion in offshore trading volume in 2025.
The company believes the same structure can now provide US investors with a regulated route to perpetual exposure to gold and silver.
A regulated route into perpetuals
The regulatory element is central to the launch.
Kalshi said its gold and silver perpetual contracts are fully regulated by the CFTC, positioning the products as a regulated alternative within the US financial market.
The move also expands Kalshi’s product offering beyond its core prediction markets business and into financial instruments linked directly to major commodities.
For investors, the development points to a broader evolution in how exposure to traditional assets is being delivered.
Gold and silver remain established parts of global financial markets, but the platforms through which investors access them continue to evolve.
Kalshi’s launch suggests that perpetual contracts, which have become increasingly prominent in offshore markets, could play a larger role in regulated financial markets as well.
However, perpetual trading remains a leveraged form of market exposure and carries significant risk. Investors can face rapid losses when prices move against their positions.
For Kalshi, the immediate goal is to give US investors access to a trading structure that the company believes better reflects the always on nature of modern markets.
The bigger question is whether 24/7 perpetual contracts can move from a product associated largely with offshore and crypto markets into a mainstream structure for traditional assets such as gold and silver.
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