Kalshi Pushes Beyond Prediction Markets With Copper Perpetual Futures

In brief

• Kalshi filed with the CFTC to launch a perpetual futures contract tied to copper prices.
• The proposed contract would use Pyth Network price data and have no expiration date.
• Kalshi has also filed for stock-index perpetuals after winning approval for a Bitcoin perpetual in May.

Prediction market operator Kalshi filed with the Commodity Futures Trading Commission to launch perpetual futures tied to copper prices.

Filed August 18, the proposed COPPERPERP contract would track the spot price of copper in U.S. dollars per pound using a price feed from Pyth Network, a blockchain-based market data provider that aggregates pricing from exchanges, market makers, and other financial firms.

The filing pushes Kalshi further beyond event-based prediction markets and comes less than a week after a Washington judge ordered the company to stop offering wagers on sports, elections, politics, and other events in the state.

Perpetual futures, or “perps,” differ from traditional futures because they have no expiration date, allowing traders to keep positions open without rolling into a new contract. Earlier this year, rival prediction market Polymarket said that it plans to offer customers perpetual futures, referencing companies like Nvidia and Coinbase.