Kalshi Files for Never-Expiring WTI Oil Futures With CFTC Days After CME Pulls 24/7 Trading Plan

Kalshi Inc. filed a proposal with the Commodity Futures Trading Commission on October 7 for a perpetual, never-expiring oil futures contract tied to the West Texas Intermediate benchmark, entering the arena just days after CME Group suspended its own bid to expand crude oil trading hours. If approved, the Kalshi contract would be the first WTI-linked perpetual future to trade on a regulated US platform. The CFTC has 45 days to approve or reject the product. Unlike standard exchange contracts, perpetual futures cannot be self-certified by exchanges and require direct regulatory review given the heightened scrutiny surrounding them.

The filing follows CME Group's abrupt cancellation on October 2 of its planned 10-Barrel Crude Oil futures contract, which was designed to enable 24/7 oil trading. CME pulled the contract the day before its scheduled launch after the CFTC intervened and industry participants, including large hedgers and the American Petroleum Institute, raised concerns that around-the-clock trading could distort WTI pricing and strain operations at a time when banks remain closed on weekends. CME Chairman and CEO Terry Duffy said the company withdrew the filing after concluding that key constituents feared the move could introduce additional risk into the marketplace.

Kalshi's perpetual futures structure, borrowed from crypto markets where perps are widely traded, sidesteps the expiration-date mechanics that have historically defined energy derivatives but introduces its own regulatory questions. The debate over who controls oil price discovery outside standard exchange hours remains unresolved, with offshore platforms continuing to set weekend crude prices without US regulatory oversight.