Kalshi has received US regulatory approval to list gold and silver "perp" futures, CNBC reports

The noteworthy distinction here is the 'perp' structure, a format long established in offshore crypto venues but largely absent from regulated US commodity markets, where listed products traditionally carry expiry and delivery or cash-settlement dates. Approval extends the regulator's recent posture of accommodating novel contract design within existing exchange frameworks rather than blocking it, though such products have previously attracted scrutiny over retail access, margin treatment, and whether the underlying reference prices are manipulation-resistant. What bears watching is the contract specification itself: the funding mechanism, the reference benchmark for gold and silver, position limits, and whether clearing runs through an established clearinghouse. Follow-ons include whether incumbent metals venues respond with competing perpetual-style listings and whether the approval draws comment from congressional overseers or industry groups that have resisted event-contract expansion in the past.