Kalshi Prime clients will be able to borrow against bitcoin held at BitGo to fund margin on perpetual futures. The lending deal arrives alongside a distribution agreement with Webull, which plans to offer Kalshi's contracts to its customers. Kalshi is expanding while facing state-level legal pressure.
Kalshi is pairing a bitcoin-backed lending arrangement with custodian BitGo in a bid to become the regulated U.S. home for crypto perpetual futures. A separate deal will put its perpetual contracts in front of Webull's more than 6 million customers.
Bitcoin-backed loans fund perpetual futures margin
Bloomberg first reported Wednesday that customers of Kalshi Prime, the company's U.S.-registered futures commission merchant, will be able to borrow against digital assets held at BitGo. They can use the proceeds to fund margin positions on perpetual futures traded on Kalshi's main exchange.
Kalshi Katalyst, a lending affiliate of Kalshi Prime, will issue the loans, secured against assets held at BitGo Bank & Trust, the firm's federally chartered trust bank. Eligible collateral will include bitcoin, ethereum and stablecoins deemed compliant with the GENIUS Act. Additional custodians are expected to join Kalshi's network over time.
Prime CEO Jeff Bandman told Bloomberg the product targets crypto-native traders, including those active on unregulated offshore perpetuals venues and large holders who would rather not sell their bitcoin to fund futures positions. However, he also pointed to unexpected demand from businesses, such as Latin American firms that run their operations on U.S. dollar stablecoins.
Webull brings perpetuals to U.S. customers in November
The BitGo arrangement landed a day after Webull 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 handful of other crypto assets. The contracts will trade on KalshiEX LLC, Kalshi's CFTC-regulated designated contract market, and clear through Kalshi Klear LLC.
Access will initially be limited to customers already approved for futures trading through existing Webull Futures accounts. Broader availability is expected before year-end.
Webull Group President and U.S. CEO Anthony Denier said in the company's release that perpetual futures saw more than $90 trillion in global volume in 2025 and that American investors should be able to access them through a regulated platform.
Product push meets state legal pressure
Kalshi secured CFTC clearance for the first U.S.-regulated bitcoin perpetual in late May and went live with the contract in early June. It then added gold and silver perpetuals in September and a US500 stock index perpetual earlier this month.
The expansion comes amid mounting state-level legal pressure. Utah became the latest state to sue Kalshi on Monday over what it alleges is illegal sports gambling, following New York's similar action against Polymarket last month.
Source: Bitcoin Magazine
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