Kalshi, the CFTC‑regulated prediction market, is planning a major expansion beyond event contracts into perpetual futures on gold, foreign exchange and energy markets, while electronic trading platform Horizon Trading Solutions has simultaneously added native connectivity for institutional market‑making on Kalshi’s markets. The twin developments underline how prediction markets and perpetual derivatives are converging into an institutional asset class that demands the same low‑latency infrastructure as equities and listed derivatives.
Kalshi’s chief risk officer Udesh Jha confirmed the company is seeking regulatory approval for never‑expiring derivatives on metals, FX and energy. “The other asset classes that we’re looking at are very much driven by the market, for instance, things like gold,” Jha said, noting that gold is both retail‑friendly and heavily used by institutions. The platform already launched the first U.S. perpetual futures for crypto in May after the Commodity Futures Trading Commission allowed registered venues to offer them. Since then, perpetual contracts have generated $16.1 billion in trading volume on Kalshi. Now the company wants to extend that footprint into macro markets shaped by geopolitics, inflation and seasonal price swings.
The move faces opposition from established exchanges. CME’s outgoing CEO Terry Duffy called perpetuals a “disaster waiting to happen,” and the CME has sued the CFTC, arguing that allowing Kalshi and Coinbase to list such products threatens traditional derivatives markets. Nevertheless, Kalshi sees a huge opportunity: it estimates that perpetual futures trading on offshore platforms reached $90 trillion last year, more than triple the previous year’s volume. The CFTC is already gathering public input on expanding perpetuals to energy commodities such as crude oil.
Meanwhile, Horizon Trading Solutions’ integration gives institutional market makers a single platform to quote, trade and hedge Kalshi’s event contracts alongside equities and listed derivatives. The platform combines native exchange connectivity with low‑latency execution, high‑throughput messaging and 24/7 operation. Sylvain Thieullent, Horizon’s CEO, said event‑driven markets are “becoming increasingly important for institutional market participants,” and Andy Ross, Kalshi’s Head of Institutional, added that native connectivity “helps professional market makers participate more efficiently and deepen liquidity.”
The combination of expanding product scope and institutional‑grade infrastructure reflects how prediction markets are evolving from niche retail platforms to a full‑fledged electronically traded asset class, forcing technology vendors to provide the same execution, connectivity and risk management tools demanded in traditional finance.
