作者：Mia Gindis Kalshi Inc.向美国商品期货交易委员会（CFTC）提交了一份关于永续原油期货合约的提案。
Inc. has filed a proposal for an oil-linked futures contract that never expires with the Commodity Futures Trading Commission, according to the company.
如果获得批准，这份与西德克萨斯中间基准（WTI）挂钩的合约将成为首个在美国受监管平台上交易的原油永续期货。CFTC有45天的时间来批准或驳回该产品。由于永续期货（俗称perps）面临严格的监管审查，交易所无法像其他事件合约那样对其进行自主认证。
If approved, the contract, tied to the West Texas Intermediate benchmark, would be the first crude-linked perpetual future to trade on a regulated US platform. The CFTC has 45 days to approve or disallow the product. Perpetual futures, known as perps, can’t be self-certified by exchanges like other event contracts, given the regulatory scrutiny surrounding them.
这一进展是让现实世界资产交易更加便捷的更广泛努力的一部分。伊朗战争极大地推高了机构和散户投机者的需求，他们希望从动荡的大宗商品价格中获利。尤其是石油市场，价格经历了剧烈波动，自今年年初以来，WTI原油期货的交易区间大约在每桶60美元左右。
The development is part of a broader effort to make real-world assets easier to trade. The Iran war has turbocharged demand from both institutional and individual speculators seeking to profit from volatile commodity prices. Oil markets in particular have seen dramatic price swings, with West Texas Intermediate futures trading across a roughly $60 a barrel range since the start of the year.
这项提案也强化了Kalshi进军石油市场的步伐，此前其他旨在扩大美国受监管市场交易的同类尝试遭遇了重大阻碍。
The filing also reinforces Kalshi’s push into oil as competing efforts to expand trading in US-regulated markets hit a major roadblock.
芝商所（CME）于周五宣布，在遭到行业反对后，将搁置推出全天候石油合约的计划。该提议最初遭到CFTC的阻止，并引发了长达数月的审查，以评估周末交易是否与实体石油市场相容，因为实体石油市场需要可靠的基准价格来销售货物。
The Chicago Mercantile Exchange on Friday announced that it was shelving plans to launch a round-the-clock oil contract following industry pushback. The bid was initially blocked by the CFTC and kicked off a months-long review of whether weekend trading is compatible with the physical oil market, which needs reliable benchmark pricing to sell cargoes.
相比之下，CME现已撤回的合约将进行不间断交易，同时仍锚定传统石油市场的到期周期。而Kalshi的产品则计划实现每周五天、每天24小时交易，且永续不过期。CME高层一直公开反对永续合约，甚至在今年早些时候因CFTC允许Kalshi提供加密货币挂钩的衍生品而对其提起诉讼。
CME’s now-withdrawn contract would’ve traded nonstop, while remaining anchored to the expiration cycle of traditional oil markets. Kalshi’s product, by contrast, is aiming to trade 24 hours a day, five days a week — but never expire. CME leadership has been vocal about its disapproval of perps, even suing the CFTC for allowing Kalshi to offer crypto-linked versions of the derivative earlier this year.
彭博社此前报道称，Kalshi的24/5交易结构旨在解决交易界所担忧的监管问题。
Kalshi’s 24/5 structure was designed to address regulatory concerns highlighted by the trading community, Bloomberg reported earlier.
据该预测市场数据显示，截至9月初，Kalshi平台上的大宗商品市场交易额已接近4亿美元，这一数值几乎是加密货币市场在发展初期同阶段交易额的四倍。
Commodities markets on Kalshi were near $400 million in trading volume as of early September, almost four times what crypto markets saw at the same point in their lifecycle, according to the prediction market.