Commodity Markets Council Opposes Kalshi's Perpetual Oil Futures Proposal

The Commodity Markets Council (CMC) has formally requested that the U.S. Commodity Futures Trading Commission (CFTC) block Kalshi's proposed perpetual WTI crude oil futures contract. The CMC argues that the new product, which was filed on October 20, 2026, poses risks to market integrity and should not receive approval.

Kalshi, a regulated prediction market platform, aims to allow traders to bet on crude oil indefinitely with the proposed contract, identified by the ticker WTIPERP. The CFTC has a standard review period of at least 45 days for such filings, which could extend to 90 days due to the contract's unique structure.

In addition to opposing Kalshi's perpetual contract, the CMC has called on the CFTC to collaborate with foreign regulators to prevent U.S. retail traders from accessing offshore trading platforms via VPNs. This request highlights the CMC's broader concerns about market integrity.

Kalshi's push into the oil market is not new; earlier in October 2026, it launched a WTI oil futures contract that operates 24/5 with a ten-year expiry, reportedly generating daily trading volumes of around $57 million. The CMC's membership includes major players like CME Group and NYMEX, indicating strong industry backing for its position.

The outcome of the CFTC's decision on Kalshi's contract could significantly impact the structure of oil derivatives trading, either preserving the current market setup or paving the way for more complex derivative products. The implications extend beyond Kalshi, potentially affecting the regulatory landscape for offshore trading platforms as well.