Bloomberg reported that CMC urged the CFTC to reject an oil perpetual proposal. Finance Magnates reported that the letter did not name Kalshi, although its timing and references matched Kalshi’s pending WTIPERP filing.
Bloomberg also reported that the council asked the CFTC to coordinate with foreign regulators on limiting U.S. retail traders’ access to offshore derivatives platforms through virtual private networks (VPNs). Finance Magnates reported that the letter did not name Kalshi.
Kalshi filed WTIPERP with the CFTC on Tuesday, Oct. 20. The agency’s product listing gives the application a status of “Approval Pending (45).”
Under Kalshi’s filing, the contract would settle in cash, with no fixed expiration or physical delivery. A Pyth Network index would use prices from two listed New York Mercantile Exchange (NYMEX) WTI futures months to establish a one-month reference. Kalshi proposes trading from 6 p.m. ET Sunday to 5 p.m. ET Friday, subject to the reference futures’ holiday schedule and trading halts. Each contract would represent 100 barrels.
Kalshi says the design could serve participants who want continuing exposure to crude without replacing one dated contract with another. The company argues that avoiding those rollovers could lower trading expenses and reduce price differences when contracts are switched. It also says the structure would remove the risk of an unintended physical delivery obligation.
CMC’s members include CME Group, ICE Futures U.S. and the New York Mercantile Exchange. In a May 21, 2025, comment to the CFTC on perpetual derivatives generally, the council said, “Perpetual derivatives offer no added risk management functionality beyond existing futures and swaps.” CMC also argued that the lack of expiry-based convergence could complicate hedging and draw liquidity away from dated futures. Those comments predated Kalshi’s WTIPERP filing.
The CFTC previously sought public comment on energy-market perpetual contracts and 24/7 futures trading, then extended the deadline to Aug. 26, 2026. The CFTC listing still shows WTIPERP as pending and gives no decision date.
