Kalshi Proposes First Regulated Perpetual Oil Futures Contract

Kalshi Inc. has filed a proposal with the Commodity Futures Trading Commission to launch a perpetual oil-linked futures contract tied to the West Texas Intermediate benchmark. If approved, the product would be the first crude-linked perpetual future to trade on a regulated U.S. platform. Unlike traditional futures contracts, this product would never expire and is designed to trade 24 hours a day, five days a week.

The proposal arrives during a period of significant oil market volatility and high demand for commodity speculation driven by the Iran war. The move follows a failed attempt by the Chicago Mercantile Exchange to launch a round-the-clock oil contract, which was shelved after industry pushback and regulatory hurdles concerning physical market benchmark pricing and weekend trading.

The Commodity Futures Trading Commission must now determine if the proposal meets regulatory standards. The Chicago Mercantile Exchange has previously engaged in legal conflict with the regulator over Kalshi's crypto-linked derivatives, adding a layer of industry tension to the proposal.