Kalshi Plans CFTC Approval Bid for WTI Perpetual Contract

Kalshi plans to seek approval from the U.S. Commodity Futures Trading Commission as early as next week for a perpetual futures contract tied to West Texas Intermediate crude oil, according to Bloomberg, as reported by Wu Blockchain. If approved, the product would be the first such oil contract offered on a regulated U.S. venue.

The proposed contract would mark an expansion of Kalshi’s derivatives offerings into a market closely tied to global energy pricing. The $22 billion CFTC-regulated prediction-market exchange plans to offer trading 24 hours a day, five days a week, rather than operating continuously throughout the week.

CFTC Scrutiny Focuses on Perpetual Energy Contracts

The proposed WTI product comes as the CFTC is examining how perpetual contracts referencing energy commodities should operate within U.S. derivatives markets. In June, the agency formally sought public comment on both the extension of standard futures trading to 24/7 schedules and the potential listing of perpetual contracts tied to physically delivered or storable energy commodities, including crude oil.

The regulatory review is particularly relevant to Kalshi because the CFTC approved its BTCPERP contract in May 2026, allowing the exchange to list a perpetual markets contract referencing the spot price of Bitcoin as a futures contract. The commission said the approval was based on compliance with the Commodity Exchange Act and applicable CFTC regulations.

Unlike Bitcoin, however, crude oil is a physically traded commodity with established futures and spot markets. The CFTC's ongoing review specifically addresses the implications of perpetual contracts referencing storable energy commodities, making the proposed WTI product a significant test of how the agency applies its regulatory framework to a new contract structure.

Kalshi Tests a New Model for Regulated Oil Trading

Kalshi's decision to operate the proposed contract five days a week rather than 24/7 also reflects the regulatory questions surrounding continuous energy-market trading. The schedule could allow the exchange to pursue a perpetual product while addressing concerns under examination by U.S. regulators.

The development could broaden access to oil-linked derivatives on a regulated venue while adding another venue for participants seeking exposure to WTI prices. At the same time, the contract would need to satisfy the CFTC's requirements for market integrity, risk management and orderly trading before it could be launched.

The immediate next step is Kalshi's expected submission to the CFTC, potentially as early as next week. The commission's decision will determine whether a perpetual WTI contract can become part of the regulated U.S. derivatives market.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.