Kalshi lets Prime clients borrow against bitcoin and ether for perpetual futures margin

Kalshi Prime customers can now borrow against bitcoin, ether and eligible stablecoins to fund margin positions on the exchange's perpetual futures, according to reporting by Bitcoin Magazine and a separate write-up by iCoin Market.

Under the tri-party structure first reported by Bloomberg on Oct. 21, loans are issued by Kalshi Katalyst, a lending affiliate of Kalshi Prime, and secured against assets held at BitGo Bank and Trust, the firm's federally chartered trust bank. Eligible collateral includes bitcoin, ether and stablecoins deemed compliant with the GENIUS Act. Additional custodians are expected to join the network over time. The design targets traders Kalshi has acknowledged it loses to Polymarket, the offshore blockchain-based venue that has long served crypto whales and firms preferring to keep capital in digital assets, Bitcoin Magazine reported.

Kalshi Prime CEO Jeff Bandman said the product is aimed at crypto-native traders who prefer not to sell their holdings to margin futures positions. He also pointed to demand from businesses that operate on U.S. dollar stablecoins, including firms in Latin America. "What we wanted to do was make it possible for customers to stay in crypto," Bandman said.

Webull lists Kalshi perpetuals in November

The lending arrangement landed a day after Webull (NASDAQ: BULL) announced Tuesday that eligible U.S. customers will be able to trade perpetual futures on its platform beginning in November, starting with bitcoin and a limited set of other crypto assets. Webull's release says the contracts will list on KalshiEX LLC, Kalshi's CFTC-regulated designated contract market, and clear through Kalshi Klear LLC, its derivatives clearing organization.

Access will initially be limited to customers already approved for futures trading through existing Webull Futures accounts, with broader availability expected before year-end. Webull Group President and U.S. CEO Anthony Denier said perpetual futures saw more than $90 trillion in global volume in 2025 and argued American investors should have access through a regulated platform.

Webull said the initial offering will include bitcoin and other crypto assets, subject to regulatory review and exchange listing requirements. Positions will carry periodic funding payments and automatic liquidation if margin falls below maintenance requirements. Perpetual futures have no fixed expiration date; a periodic funding mechanism keeps the contract price aligned with the underlying asset so a trader can hold exposure while margin requirements are met.

Webull customers will access the contracts through their existing Webull Futures accounts alongside other futures products, while continuing to trade stocks, options, crypto and prediction markets on the broader platform. Futures accounts at the broker are not protected by the Securities Investor Protection Corporation, Webull noted in the release.

Kalshi's derivatives buildout

Kalshi secured CFTC clearance for the first U.S.-regulated bitcoin perpetual in late May and went live with the contract in early June. The company has since added gold, silver and a US500 stock index perpetual. In September, it added perpetual futures tied to BNB, ADA and AAVE. Kalshi Klear also asked the CFTC that month for permission to introduce margin trading on selected prediction-market contracts, and the company has applied for approval of perpetual contracts linked to oil and U.S. equity products.

The expansion continues even as state-level legal pressure mounts. Utah sued Kalshi earlier this week over what the state alleges is illegal sports gambling, following New York's similar action against Polymarket last month. Neither suit addresses the perpetual futures or lending products directly.

Kalshi Katalyst will issue the loans and hold the collateral arrangement with BitGo Bank & Trust. Borrowers keep ownership of the underlying crypto used as collateral while the loan proceeds fund margin positions on Kalshi's main exchange. Bandman framed the structure as a way for large holders and firms already running dollar-stablecoin operations to keep their crypto on the balance sheet while still taking leveraged futures positions on a CFTC-regulated venue.

The distribution deal with Webull puts the same contracts in front of a retail brokerage audience. Webull said it serves more than 29 million registered users globally across 18 markets, though the perpetual futures rollout starts only with U.S. customers who already qualify for futures trading.