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Kalshi filed on 20 October to list WTIPERP, a perpetual contract linked to NYMEX WTI futures. On 22 October, the Commodity Markets Council asked the CFTC to reject the proposal, putting the contract's approval and its market controls in focus.
Funding anchors the perpetual to futures
WTIPERP would have no expiry, so holders would not need to roll positions each month. Its reference price would draw on two nearby NYMEX WTI futures, with the calculation preserving a one-month horizon as delivery months change. Kalshi's proposal uses daily funding payments to keep the contract's traded price close to that reference.
The design also ties trading availability and exposure to the established futures market. WTIPERP would follow oil-futures hours, including weekend closures, holidays and early closes, and could pause if the underlying market stopped. The proposed cash-settled unit covers 100 barrels, equal to one-tenth of a standard oil future. For limit calculations, Kalshi would map holdings to standard-contract exposure and spread it across the relevant delivery months.
Industry challenge extends beyond design
The Commodity Markets Council's membership includes CME, NYMEX and ICE Futures US, as well as trading firms and commercial hedgers. Its letter called the proposed product a threat to market integrity and asked the CFTC to withhold approval. The letter did not identify Kalshi, but the filings and dates it cited correspond to WTIPERP, as Finance Magnates reported.
The council's objection also reaches beyond the contract's mechanics. A dated future approaches delivery and its price moves closer to the physical market; a perpetual instead depends on funding to track the futures it references. Kalshi says the use of dated futures would keep WTIPERP connected to physical oil conditions. It excludes weekend trading, a feature that had been a concern when CME shelved its own round-the-clock oil contract. Kalshi told Bloomberg that it had asked industry groups for feedback, although some had not raised specific concerns.
What to watch next
Approval remains outstanding, so WTIPERP cannot begin trading yet. For platform and risk teams, the filing raises practical checks around how the reference price is calculated, how funding is applied, and how the contract's exposure is mapped to delivery-month limits. The source does not provide the detailed calculation or operational parameters, so those remain points to verify in the application.
The council also wants the CFTC to work with foreign regulators to restrict US traders' VPN access to offshore commodity platforms. Operators assessing the proposal should check how any eventual controls would affect access monitoring and compliance workflows, alongside the contract's trading calendar and response to halts.
