Commodity Markets Council urges CFTC to block Kalshi’s perpetual oil futures contract

The Commodity Markets Council (CMC) has sent a letter to the US Commodity Futures Trading Commission (CFTC) requesting rejection of Kalshi's proposed perpetual WTI crude oil futures contract. The group argues the product poses risks to market integrity and wants the regulator to withhold approval.

The letter was sent around October 22, 2026, just two days after Kalshi filed for the contract. Kalshi, a regulated prediction market platform, filed for a fully perpetual WTI contract on October 20, 2026, carrying the ticker WTIPERP.

Regulatory Timeline

The CFTC has at least 45 days to make a decision on the filing, with the review window potentially extendable to 90 days due to the contract's unusual structure. This means a decision could come as late as mid-December 2026.

The CMC's request extends beyond Kalshi's product. The group is also asking the CFTC to collaborate with foreign regulators to limit US retail traders from accessing offshore trading platforms through VPNs.

Market Opposition

The CMC's position reflects its membership, which includes established players like CME Group, NYMEX, ICE Futures U.S., trading houses, and commercial hedgers. These traditional commodity trading firms view Kalshi's entry into oil markets as disruptive.

Kalshi's Oil Expansion

The perpetual filing isn't Kalshi's first move into crude oil. Earlier in October 2026, the platform launched a WTI oil futures contract trading 24/5 with a 10-year expiry, generating daily volume of around $57 million and offering leverage of up to 5.9x.

For Kalshi, the stakes extend beyond one contract. The platform is shifting from event-style prediction markets toward the core business of established futures exchanges, potentially bringing risks of fragmented liquidity and added volatility to oil markets if approved.