TLDR
- Kalshi reportedly plans to seek CFTC approval for a WTI perpetual futures contract as soon as next week.
- The product would trade 24 hours a day, Monday through Friday, with no fixed expiration date.
- Approval would make it the first oil perpetual futures contract on a regulated US exchange.
- Kalshi already runs a CFTC approved Bitcoin perpetual contract that launched in June 2026.
- CME Group disputes how regulators classify perpetual contracts, setting up a possible conflict over the oil product.
Kalshi plans to ask US regulators for approval of a new oil futures product. The exchange wants to launch a West Texas Intermediate perpetual futures contract as soon as next week.
Bloomberg reported the plan on September 2, citing a person familiar with the matter. The filing has not yet been made public.
The contract would track WTI crude oil prices. Unlike standard oil futures, it would have no fixed expiration date.
Traders could hold positions indefinitely. They would only need to maintain enough collateral to meet margin requirements.
The product would trade 24 hours a day, Monday through Friday. It would pause during part of the weekend instead of running nonstop.
If approved, it would be the first oil perpetual futures contract on a regulated US exchange. As of September 3, no application had appeared in the CFTC’s public filing database.
How Perpetual Contracts Work
Traditional WTI futures expire in a set month. Traders must close or roll their position into a new contract to keep their exposure.
Perpetual futures remove that step. They typically use funding payments between long and short traders to keep the price close to the underlying market.
Kalshi has not said how its oil contract would stay aligned with WTI prices. That detail should become clear once the exchange files its contract terms with regulators.
CME Group’s existing WTI contract represents 1,000 barrels and settles through physical delivery in Cushing, Oklahoma. More than one million contracts trade there each day.
It is not yet known whether Kalshi’s version would use cash settlement instead. The settlement method has not been confirmed.
Kalshi’s Bitcoin Precedent
This would not be Kalshi’s first perpetual futures product. The CFTC approved its Bitcoin perpetual contract on May 29, and trading began in June.
That approval showed the CFTC can classify a contract without an expiration date as a future under the Commodity Exchange Act. It did not automatically clear the way for other assets.
CFTC Chair Michael Selig has defended the approach. He said current law does not require every futures contract to carry a set expiration date.
Selig also said regulated perpetual contracts in the US remain subject to domestic leverage and risk limits. He rejected comparisons to offshore platforms that offer higher leverage.
Each new perpetual product still needs its own regulatory review. The CFTC checks whether a contract design prevents manipulation and supports fair pricing.
Kalshi’s plan comes as CME Group disputes how regulators classify perpetual contracts. CME’s chief executive Terry Duffy has argued these products should fall under swaps rules instead of futures rules.
CME has threatened legal action over the CFTC’s approval of crypto perpetual contracts. The disagreement could extend to oil if Kalshi’s WTI product moves forward.
CME already runs the dominant regulated US market for WTI futures. The company is also preparing its own smaller WTI contract with continuous weekly trading, pending regulatory review.
The next step is Kalshi’s formal filing with the CFTC. That document should include contract specifications, margin rules, position limits, and details on how the contract would handle sharp price swings.
