Episode summary
Kalshi Launches Gold & Silver Perpetuals | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 12 min · Hosts: Carol Massar, Tim Stenovec · Guests: Udesh Jha
Summary
Kalshi is seeking regulatory approval to offer what it says would be the country’s first regulated perpetual futures tied to single stocks, including Tesla, Apple, and Nvidia, while also rolling out perpetuals on gold and silver. Udesh Jha, the company’s chief risk officer, said the metal products are a natural extension of Kalshi’s crypto perpetuals and argued that gold and silver are much larger markets with strong hedging demand and 24/7 trading appeal.
Jha said the products are designed to broaden access by offering smaller contract sizes, centralized liquidity, and fewer friction costs than traditional futures, especially by avoiding monthly roll costs. He said the exchange is targeting both institutions and retail traders, and that client demand and Kalshi’s ability to manage risk drive the product roadmap.
He also stressed that Kalshi’s version of perpetuals is meant to be different from offshore markets: it is regulated, has customer protections through the CFTC, and uses real-time risk controls. Jha said Kalshi can risk manage around the clock, including weekend mark-to-market and default management, and he framed the planned stock-linked contracts as an alternative to unregulated offshore trading before those markets grow much larger.
Key takeaways
- Jha said gold and silver perpetuals are a natural extension of Kalshi’s crypto contracts and are already seeing encouraging volume and open interest.
- Kalshi plans to seek approval for regulated perpetual futures on single stocks, including Tesla, Apple, and Nvidia, with about 60 contracts initially tied to large-cap equities and ETFs.
- Jha said the products target both retail and institutions by offering smaller sizes, 24/7 trading, and no monthly roll costs.
- He argued that Kalshi’s regulated perpetuals differ from offshore products because they include CFTC customer protection and stronger surveillance.
- Jha said Kalshi can run mark-to-market and default management on weekends, which he described as a risk-control advantage over many 24/7 venues.
Notable quotes
“what we want to do is we want to provide a platform where before they become large like crypto did over the last few years”
“our markets trade 24/7. So we are able to look into every portfolio to see what is the risk at that point in time”
How the episode opens
Bloomberg Audio Studios podcasts radio news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — Khi planning to seek regulatory approval to start offering the country's first regulated perpetual futures tied to single stocks. And that includes names, Tim, like Tesla, Apple, and Nvidia. Few of those well-known names.
Yeah. Reading this from the Wall Street Journal, the contracts known as PERPS let traders bet around the clock and pile on leverage that amplifies their potential gains and losses with a lack of expiration date, further tightening the risk.
Yeah, exactly. Ky plans to launch around 60 per tied to popular uh ETFs and single stocks of companies with a market value of at least hundred billion. That's according to one of the people familiar with the matter.
This is all we should point out uh due to reporting in the Wall Street Journal. There's more. The company also launching 247 Kelsey's perpetuals on gold and silver and said to be fully regulated by the CFTC.
There's lots to talk about.
Yeah. Back with us, Udesh Jaw, chief risk officer of the prediction market. Cali joining us from London.
Uh Jaw just recently appointed this position a few months ago coming from the derivatives marketplace over at CME Group. He was an MD and head of post trade services since early 2020. He was there for about 16 years.
Good to have you back on the program. When we when we spoke with you in July, we discussed how Khi created this tool that plots the future price of compute power. Um how do you think about this perpetuals gold and silver and also potentially single stock perpetuals sort of building on that?
Uh thanks for having me.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- prediction markets
- perpetual futures
- cftc regulation
- gold and silver markets
- stock tied derivatives
Companies and tickers mentioned
- Kalshi
Watch the episode
Watch “Kalshi Launches Gold & Silver Perpetuals | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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