Kalshi Files for Copper Perpetual Futures with CFTC
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- Kalshi filed with the CFTC on August 18 to launch COPPERPERP, a perpetual futures contract tracking copper's spot price in USD per pound using Pyth Network's blockchain-based price feed.
- The proposed contract would be cash-settled with no expiration date, relying on periodic payments between long and short traders to keep its price aligned with the underlying copper price.
- The filing comes less than a week after a Washington judge ordered Kalshi to stop offering event-based wagers on sports, elections, politics, and other events in the state.
- Kalshi won CFTC approval in May to offer Bitcoin perpetual futures and has also filed for stock-index perpetuals, while rival Polymarket announced plans for perps referencing companies including Nvidia and Coinbase.
- Copper is already actively traded through CME's COMEX, the London Metal Exchange, and the Shanghai Futures Exchange, and serves as a critical input for power grids, EVs, electronics, and AI data center infrastructure.
Why it matters: Kalshi is pivoting from its court-blocked event-based prediction business into commodity and crypto derivatives. Copper—a metal central to AI data center buildouts, EVs, and power grids—gives it a high-demand real-world asset to anchor that expansion, with Bitcoin perpetuals already approved and stock-index perps pending at the CFTC.
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