The trade group, whose members include CME Group, wants regulators to withhold approval and close a retail access loophole
Kalshi wants to let traders bet on crude oil forever. The old guard of commodity trading would prefer that it didn’t.
The Commodity Markets Council (CMC) has sent a letter to the US Commodity Futures Trading Commission (CFTC) asking it to reject Kalshi’s proposed perpetual WTI crude oil futures contract. The group argues the product poses risks to market integrity, and it wants the regulator to withhold approval.
The letter went out around October 22, 2026. That was just two days after Kalshi filed for the contract.
Kalshi, a regulated prediction market platform, filed for a fully perpetual WTI contract on October 20, 2026. The product carries the ticker WTIPERP.
The CFTC has at least 45 days to make a decision on the filing. That review window could be extended to 90 days because of the contract’s unusual structure.
The CMC isn’t stopping at Kalshi’s product. The group is also asking the CFTC to work with foreign regulators to limit US retail traders from reaching offshore trading platforms through VPNs.
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The perpetual filing isn’t Kalshi’s first move into crude. Earlier in October 2026, the platform launched a WTI oil futures contract that trades 24 hours a day, five days a week, with a 10-year expiry.
That product is reportedly generating daily volume of around $57 million. It offers leverage of up to 5.9x.
The CMC’s membership list explains a lot about its position. Members include CME Group, NYMEX, ICE Futures U.S., trading houses, and commercial hedgers.
If the CFTC denies the perpetual contract, it may help preserve the current setup for oil derivatives. If the CFTC approves it, approval might open the door to more complex derivative structures in oil, drawing in traders who want those products. It could also bring risks of fragmented liquidity and added volatility, as trading spreads across more venues and formats.
For Kalshi, the stakes go beyond one contract. The platform has built its reputation as a regulated venue, and its oil products push it further from event-style prediction markets and closer to the core business of established futures exchanges.
The VPN request deserves attention on its own. If the CFTC acts on it, the effects could reach well beyond Kalshi, touching any offshore platform that US retail traders currently reach by masking their location.
The CFTC’s initial 45-day review window started with the October 20 filing, with a possible extension to 90 days.