BlockBeats News, August 20, Prediction market platform Kalshi has applied to the U.S. Commodity Futures Trading Commission (CFTC) to launch a perpetual futures contract pegged to the copper price.

According to the filing submitted on August 18, the proposed COPPERPERP contract will track the spot price of copper priced in USD per pound and will use price data provided by blockchain data provider Pyth Network.

The contract will be settled in cash and will not involve physical copper delivery. Unlike traditional futures, perpetual futures have no expiry date, allowing traders to hold positions indefinitely without the need to roll over, and maintaining price anchoring to the spot market through a regular funding rate mechanism between long and short positions.

This application marks Kalshi's further expansion beyond the traditional event prediction market boundaries into the commodity and financial derivatives space.

Previously, in May of this year, Kalshi received CFTC approval to launch Bitcoin perpetual futures. Additionally, the company has recently submitted applications for stock index perpetual futures.

Copper, as a key raw material for electricity grids, construction, electric vehicles, electronic devices, and AI data center infrastructure, is widely traded in markets such as the Chicago Mercantile Exchange (CME) COMEX, the London Metal Exchange (LME), and the Shanghai Futures Exchange.