Commodity Markets Council asks CFTC to reject Kalshi oil contract

The Commodity Markets Council sent a letter to the US Commodity Futures Trading Commission on October 22 asking regulators to reject Kalshi's proposed perpetual WTI crude oil futures contract, filed under the ticker WTIPERP two days earlier.

The CMC, whose members include CME Group, NYMEX, and ICE Futures U.S., argues the product poses risks to market integrity. The CFTC has 45 days from Kalshi's October 20 filing to rule, with a possible extension to 90 days given the contract's unusual perpetual structure.

The CMC's letter goes further than blocking a single contract. The group is also pressing the CFTC to coordinate with foreign regulators to prevent US retail traders from reaching offshore platforms via VPNs — a request that would affect the broader retail derivatives market well beyond Kalshi.

Kalshi's existing 24-hour WTI futures product, launched earlier in October with a 10-year expiry and leverage of up to 5.9x, is reportedly generating around $57 million in daily volume. The perpetual contract would extend that position further into territory historically dominated by established futures exchanges.