Kalshi targets gold perpetuals as Robinhood rivalry heats up

Kalshi has intensified its push into regulated perpetual futures by seeking approval to launch gold, foreign exchange, and energy contracts as competition with Robinhood expands beyond crypto.

According to Reuters, the prediction markets platform is in advanced discussions with U.S. regulators to introduce perpetual futures linked to traditional assets, extending the strategy it first used in crypto markets.

The proposal covers contracts tied to precious metals, foreign exchange, and energy, while the company is also evaluating perpetual products linked to stock indices and individual equities over time.

Unlike traditional futures, perpetual contracts have no expiration date, allowing traders to keep positions open without rolling them into new contracts. Kalshi became one of the first regulated U.S. platforms to offer crypto perpetual futures, and Reuters reported that those products have already generated about $16.1 billion in trading volume.

Gold has emerged as Kalshi’s priority market

Comments from Kalshi Chief Risk Officer Udesh Jha, cited by Reuters, indicate that customer demand is shaping the platform’s product roadmap. Jha identified gold as one of the strongest candidates for expansion because it attracts interest from both retail and institutional traders.

He also pointed to foreign exchange, metals, and energy markets as attractive segments, noting that geopolitical events and seasonal trading patterns continue to create demand across those asset classes. Reuters reported that these factors have encouraged Kalshi to look beyond digital assets while remaining within regulated derivatives markets.

The expansion comes even as the company continues to navigate increasing scrutiny around prediction markets. Earlier this month, Google updated its Chrome Web Store Developer Program policies to prohibit browser extensions that facilitate real-money transactions on predictive outcomes.

The revised rules take effect on Aug. 1, 2026, after which non-compliant extensions could face removal from the Chrome Web Store. The policy change follows mounting legal and regulatory disputes involving platforms such as Kalshi and Polymarket over event-based contracts and state gambling laws.

Robinhood continues to expand across asset classes

Kalshi’s latest regulatory push places it in more direct competition with Robinhood, which has been expanding well beyond its traditional brokerage business.

Earlier this month, Robinhood introduced multi-asset perpetual futures through Bitstamp, allowing eligible customers to trade cryptocurrencies, commodities, equity indices, and foreign exchange using a single collateral pool. Industry reports have also indicated that the company is working toward launching perpetual futures in the United States, subject to regulatory approval.

Robinhood has also been strengthening its crypto infrastructure. As previously reported by crypto.news, Robinhood Chain recorded $500 million in daily Uniswap trading volume within eight days of launch. The Arbitrum-powered network has surpassed $106 million in total value locked, placing it among the more active decentralized finance ecosystems.

If regulators approve Kalshi’s proposed products, the regulated perpetual futures market could become increasingly competitive as both companies expand into commodities, currencies, equities, and digital assets under regulated frameworks.

For Kalshi, Reuters reported that beginning with gold and other heavily traded markets would allow the company to build on the momentum generated by its crypto perpetual futures business while serving traders looking for exposure to multiple asset classes.