Kalshi Targets US Crude Oil Perpetuals in Potential CFTC Breakthrough

TL;DR

• Kalshi is preparing a CFTC filing for a perpetual WTI crude oil contract that could become the first regulated US oil perpetual.
• The product would eliminate traditional futures rollovers while creating new requirements for pricing, funding, margin and risk management.
• Approval could bring a crypto-developed derivatives structure into regulated US commodity markets, expanding options for traders and potential hedgers.
  

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Kalshi is preparing to seek approval from the Commodity Futures Trading Commission (CFTC) for a perpetual contract tied to West Texas Intermediate (WTI) crude oil, according to Reuters. If approved, the product could become the first regulated US oil perpetual, bringing a structure widely used in crypto derivatives into a major traditional commodity market.

The proposal arrives as oil markets face elevated volatility. WTI recently climbed above $90 per barrel amid renewed US-Iran tensions and concerns over disruptions around the Strait of Hormuz, creating an active environment for traders managing crude exposure.

Kalshi reportedly expects to file the proposal next week and is seeking five-day-a-week trading. The company has not published the contract specifications, including its benchmark, funding mechanism, margin framework or liquidation rules, leaving key elements subject to regulatory review.