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The Commodity Futures Trading Commission defines the outer limit of what a designated contract market can put in front of its users.
Kalshi, the prediction market platform, has now cleared that limit for perpetual contracts on gold and silver, adding a category of instrument structurally different from the event-based products the company built its business on.
The mechanism behind the instrument A perpetual futures contract, abbreviated to perp, tracks an underlying asset without a calendar expiry.
Standard commodity futures expire on a fixed date, forcing traders through a roll cycle.
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