Key Takeaways
- • Kalshi Prime customers can now borrow against bitcoin, ether and eligible stablecoins held at BitGo to fund margin positions on Kalshi's perpetual futures exchange, letting traders gain futures exposure without selling existing crypto holdings.
- • Lending is issued by Kalshi Katalyst, a lending affiliate of Kalshi Prime, against assets held at BitGo Bank & Trust, with the company expecting to add more custodians to its lending network.
- • Webull plans to offer perpetual futures to eligible U.S. customers in November, starting with bitcoin and other cryptocurrencies, with contracts trading on KalshiEX and clearing through Kalshi Klear.
- • Kalshi launched its first U.S.-regulated bitcoin perpetual in June, later adding gold, silver and a US500 index contract, and is positioning the lending product to compete with offshore rival Polymarket.
- • A recent Utah lawsuit alleging illegal sports gambling presents a regulatory challenge as Kalshi expands its U.S. crypto derivatives business.
Summary
Kalshi is expanding its U.S. crypto derivatives business through bitcoin-backed lending and a distribution agreement with Webull, according to Coin Edition. The move targets traders who want perpetual futures exposure without liquidating their existing crypto holdings. Under the new structure, Kalshi Prime customers can borrow against bitcoin, ether and eligible stablecoins held at BitGo, and use the proceeds to support margin positions on Kalshi's perpetual futures exchange.
The loans are issued by Kalshi Katalyst, a lending affiliate of Kalshi Prime, against assets held at BitGo Bank & Trust. The company expects to add more custodians to its lending network over time. Prime CEO Jeff Bandman said the product is aimed at crypto-native traders and businesses that prefer to hold digital assets rather than sell them, and the offering also positions Kalshi to compete with offshore rival Polymarket.
On the distribution side, Webull plans to offer perpetual futures to eligible U.S. customers beginning in November, starting with bitcoin and other cryptocurrencies. The contracts will trade on KalshiEX and clear through Kalshi Klear. Kalshi launched its first U.S.-regulated bitcoin perpetual in June and has since added gold, silver and a US500 index contract to its product set.
The expansion comes against a regulatory backdrop. A recent lawsuit filed in Utah alleges that Kalshi's offerings amount to illegal sports gambling, a challenge the company must navigate as it grows its U.S. derivatives footprint. The article does not provide loan volumes, interest terms or fee structures.
The loans are issued by Kalshi Katalyst, a lending affiliate of Kalshi Prime, against assets held at BitGo Bank & Trust. The company expects to add more custodians to its lending network over time. Prime CEO Jeff Bandman said the product is aimed at crypto-native traders and businesses that prefer to hold digital assets rather than sell them, and the offering also positions Kalshi to compete with offshore rival Polymarket.
On the distribution side, Webull plans to offer perpetual futures to eligible U.S. customers beginning in November, starting with bitcoin and other cryptocurrencies. The contracts will trade on KalshiEX and clear through Kalshi Klear. Kalshi launched its first U.S.-regulated bitcoin perpetual in June and has since added gold, silver and a US500 index contract to its product set.
The expansion comes against a regulatory backdrop. A recent lawsuit filed in Utah alleges that Kalshi's offerings amount to illegal sports gambling, a challenge the company must navigate as it grows its U.S. derivatives footprint. The article does not provide loan volumes, interest terms or fee structures.
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