Kalshi is reinforcing its ambition to serve as the regulated U.S. destination for crypto perpetual futures. The company is pairing a fresh bitcoin-backed lending partnership with digital asset custodian BitGo with a distribution agreement that will introduce its perpetual contracts to Webull’s user base of more than 6 million people.
As reported first by Bloomberg on Wednesday, users of Kalshi Prime—the firm’s U.S.-registered futures commission merchant—will have the ability to borrow against digital assets stored at BitGo. These loan proceeds can then be utilized to fund margin positions for perpetual futures traded directly on Kalshi’s primary exchange.
Through this tri-party framework, loans will be provided by Kalshi Katalyst, which functions as a lending affiliate of Kalshi Prime. These loans will be secured by assets kept at BitGo Bank & Trust, which is the firm’s federally chartered trust bank.
Qualifying collateral will feature bitcoin, ethereum, and stablecoins that meet compliance standards under the GENIUS Act. Furthermore, additional custodians are anticipated to integrate into Kalshi’s network as time progresses.
Jeff Bandman, CEO of Prime, informed the publication that the offering was specifically crafted for crypto-native traders. This includes participants currently active on unregulated offshore perpetual venues, alongside major holders who prefer not to liquidate their bitcoin holdings to finance futures positions.
Bandman additionally highlighted unanticipated interest from corporate entities, citing examples such as Latin American businesses that conduct their day-to-day operations using U.S. dollar stablecoins.
This initiative addresses an area where Kalshi has previously recognized a structural disadvantage when competing against Polymarket, its blockchain-based offshore competitor. Polymarket has traditionally served crypto whales and trading firms that favor keeping their capital tied up in digital assets. Both platforms have been actively developing their perpetual offerings since the spring.
Webull debuting crypto-linked perpetual futures via Kalshi rails
The BitGo collaboration emerged a day after Webull revealed on Tuesday that qualified U.S. users will gain the ability to trade perpetual futures on its platform starting in November. This rollout will launch with bitcoin and a select group of other cryptocurrencies.
The contracts are scheduled to execute on KalshiEX LLC—Kalshi’s designated contract market regulated by the CFTC—and will clear through Kalshi Klear LLC, its derivatives clearing organization. Initially, access will be restricted to users already cleared for futures trading via current Webull Futures accounts, while wider availability is anticipated prior to the conclusion of the year.
Anthony Denier, President of Webull Group and CEO of Webull U.S., noted in the firm’s announcement that global perpetual futures volume surpassed $90 trillion in 2025, arguing that American investors deserve access to these instruments via a regulated venue.
These dual announcements build upon an ongoing product expansion for Kalshi, which obtained CFTC approval for the inaugural U.S.-regulated bitcoin perpetual near the end of May and launched the contract in early June. The company subsequently introduced gold and silver perpetuals in September, followed by a US500 stock index perpetual earlier this month.
This growth arrives amid rising legal scrutiny at the state level. Utah became the most recent state to file a lawsuit against Kalshi on Monday, claiming the platform offers illegal sports gambling, which follows a similar legal challenge brought by New York against Polymarket last month.
Frequently Asked Questions
What is Kalshi’s new lending arrangement?
Kalshi Prime customers can borrow against digital assets held at BitGo Bank & Trust to fund margin positions on perpetual futures traded on Kalshi’s main exchange.
What assets can be used as collateral?
Eligible collateral includes bitcoin, ethereum, and stablecoins that comply with the GENIUS Act.
When can Webull customers trade perpetual futures?
Eligible U.S. customers can begin trading perpetual futures on Webull starting in November, initially for bitcoin and a few other crypto assets.
Who issues the loans?
The loans are issued by Kalshi Katalyst, a lending affiliate of Kalshi Prime.
