Kalshi, the regulated US exchange that won approval for a Bitcoin perpetual in May, is preparing to ask the CFTC to approve a WTI crude oil perpetual contract. If approved, it would be the first oil perpetual to trade on a regulated US platform, with 24-hour trading five days a week. However, its weekend closure undermines its primary price discovery function during closure periods. The CFTC will need to evaluate the contract’s reference price, funding, margin, and liquidation terms, alongside risks from sudden supply shocks and negative oil prices.
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