Micah Zimmerman, Bitcoin Magazine
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A new tri-party lending structure with BitGo lets Kalshi Prime clients borrow against bitcoin to margin perpetual futures.
Kalshi is doubling down on its bid to become the regulated U.S. home for crypto perpetual futures, pairing a new bitcoin-backed lending arrangement with digital-asset custodian BitGo alongside a distribution deal that will put its perpetual contracts in front of Webull’s more than 6 million customers.
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 and use the proceeds to fund margin positions on perpetual futures traded on Kalshi’s main exchange.
Under the tri-party structure, loans will be issued by Kalshi Katalyst, a lending affiliate of Kalshi Prime, and 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, with additional custodians expected to join Kalshi’s network over time.
Prime CEO Jeff Bandman told the outlet the product was designed with crypto-native traders in mind, including those already active on unregulated offshore perpetuals venues and large holders who would rather not sell their bitcoin to fund futures positions.
He also pointed to unexpected demand from businesses, such as Latin American firms that run their operations on U.S. dollar stablecoins.
The move targets a segment where the company has acknowledged a structural disadvantage against Polymarket, its offshore, blockchain-based rival, which has long catered to crypto whales and trading firms that prefer to keep their capital in digital assets. The two platforms have been racing to build out perpetuals since the spring.
Webull debuting crypto-linked perpetual futures via Kalshi rails
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.