Kalshi has established a new lending arrangement with digital-asset custodian BitGo that enables institutional clients to use Bitcoin, Ethereum and certain stablecoins as collateral for margin on perpetual futures contracts. The structure allows traders to maintain ownership of their digital assets while accessing capital for leveraged positions on the regulated U.S. exchange.

Three-Party Lending Structure

Under the arrangement, loans will be provided by Kalshi Katalyst, a lending affiliate of Kalshi Prime, the company’s Commodity Futures Trading Commission-registered futures commission merchant. BitGo Bank & Trust, BitGo’s federally chartered trust bank, will hold the pledged collateral. The setup creates a tri-party structure separating the borrower, the lender and the collateral custodian.

Eligible collateral consists of Bitcoin, Ethereum and stablecoins that meet requirements under the GENIUS Act. Kalshi indicated it expects to bring additional custodians into the network over time, expanding the options for clients who wish to post assets against these loans.

Proceeds from the loans can be applied toward margin requirements for leveraged perpetual futures traded on Kalshi. The product is directed primarily at institutional and crypto-native traders who prefer not to liquidate existing holdings to fund new positions.

Bandman identified large Bitcoin holders and Latin American businesses that operate with U.S. dollar-backed stablecoins as potential users. The company also sees appeal among traders currently active on offshore perpetual futures platforms who may prefer a regulated U.S. venue while keeping capital in digital form.

Expansion of Perpetual Futures Offerings

The lending program builds on Kalshi’s broader push into perpetual futures. The exchange introduced Bitcoin perpetual futures in the spring of 2026 after receiving CFTC clearance, followed by contracts linked to gold and silver in September. Additional crypto perpetuals, including those tied to other digital assets, and a U.S. stock index product have also been added.

Kalshi has applied for regulatory approval to offer similar perpetual-style contracts on oil and further U.S. equity products. Separately, its clearing affiliate has sought clearance for margin trading on selected prediction-market contracts.

Distribution Through Webull

The BitGo arrangement coincides with a distribution agreement that will make Kalshi’s perpetual futures available to Webull customers. Beginning in November, eligible U.S. users of the brokerage platform will be able to trade the contracts, initially focused on Bitcoin and a limited set of other crypto assets. The products will trade on Kalshi’s designated contract market and clear through its derivatives clearing organization. Access will start with clients already approved for futures trading, with wider availability expected later in the year.

Webull cited the substantial global volume in perpetual futures as a reason American investors should have regulated access to the instruments. Together, the lending facility and the brokerage distribution extend Kalshi’s infrastructure for crypto-linked derivatives within the U.S. regulatory framework.

The initiatives position Kalshi to serve clients who hold digital assets and seek futures exposure through a CFTC-regulated platform rather than unregulated offshore venues.