Kalshi pivots to gold and energy as perpetual futures race intensifies

The proposal marks a shift for Kalshi, which previously focused on event-based prediction markets and crypto perpetuals. By targeting traditional commodities, the firm aims to build on the $16.1 billion in trading volume already generated by its digital asset products. Chief Risk Officer Udesh Jha noted that gold remains a top priority, driven by consistent demand from traders seeking exposure to geopolitical and seasonal market shifts. Future plans include expanding into stock indices and individual equities.

This growth strategy comes as the regulatory landscape for prediction platforms tightens. Google recently updated its Chrome Web Store policies to ban extensions facilitating real-money transactions on predictive outcomes, effective August 1, 2026. This policy shift reflects broader legal tensions surrounding event-based contracts. Meanwhile, Robinhood is ramping up its own derivatives offerings, recently introducing multi-asset perpetual futures through Bitstamp. As both firms navigate the complexities of U.S. regulatory frameworks, the battle for control over commodities and currency trading is expected to reshape the landscape for retail derivatives.