Kalshi Files With CFTC for Copper Perpetual Futures Contract
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- Kalshi filed with the CFTC on August 18 to launch COPPERPERP, a perpetual futures contract tracking copper spot prices in USD per pound using Pyth Network price data with no expiration date.
- The filing comes less than a week after a Washington judge ordered Kalshi to stop offering wagers on sports, elections, politics, and other events in the state.
- Kalshi has also filed for stock-index perpetuals after winning CFTC approval in May to offer a Bitcoin perpetual contract.
- Polymarket, a rival prediction market, said earlier this year it plans to offer perpetual futures referencing companies like Nvidia and Coinbase.
- The proposed Copper Perp would be cash-settled with periodic payments between long and short traders keeping its price aligned with the underlying metal.
- Copper is already actively traded on CME's COMEX, the London Metal Exchange, and the Shanghai Futures Exchange, and is used in power grids, EVs, electronics, and AI data center infrastructure.
Why it matters: Kalshi is pivoting into derivatives the same week a Washington judge blocked its core event-wagering business in the state. By filing a copper perpetual — a metal tied to AI data center demand and already liquid on three global exchanges — Kalshi gives traders cash-settled, no-expiration exposure to a commodity powering the infrastructure buildout, while routing pricing through blockchain oracle Pyth Network.
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