Prediction Markets Platform Kalshi Delves Further Into Traditional Derivatives, Seeks CFTC Nod for Copper Perpetual Futures Contract
Kalshi prediction market platform is expanding into regulated perpetual futures trading for copper, a key industrial metal.
The proposed COPPERPERP contract would track the spot price of copper in U.S. dollars per pound using a price feed from Pyth Network, a blockchain-based data oracle that aggregates pricing from various participants such as market makers and exchanges.
In a filing with the Commodity Futures Trading Commission seeking to launch the product, Kalshi says the contract is a cash-settled perpetual futures with no fixed expiration or delivery date.
It relies on a periodic funding mechanism to keep the contract price tethered to the underlying reference price.
“The COPPERPERP Contract is a perpetual futures contract on the spot price of copper, quoted in U.S. dollars per pound, referencing the Pyth Network XCU/USD price feed,” the filing states.
The contract would trade continuously on weekdays from 6:00 PM Eastern Time Sunday to 5:00 PM Eastern Time Friday. The contract would also adopt the federal spot-month position limit from the enumerated copper contract offered by CME Group’s COMEX exchange, a marketplace that focuses primarily on trading metal futures and options.
“Listing a perpetual on a CFTC-registered DCM brings this economically significant activity into a regulated environment featuring trade surveillance, know-your-customer verification, risk-based margin, central clearing, and disciplinary procedures consistent with the CEA,” the filing adds.
Kalshi intends to list the contract on a continuous basis shortly after CFTC approval.
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