Kalshi is doubling down on its plan to become a U.S.-regulated crypto perpetual futures platform: partnering with digital asset custodian BitGo to launch a new Bitcoin-backed lending arrangement, and securing a distribution agreement to offer its perpetual contracts to over 6 million Webull customers.
Bloomberg reported Wednesday that clients 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 in perpetual futures traded on Kalshi’s main exchange.
Under this three-party structure, the loan will be issued by Kalshi Katalyst, a loan-affiliated company under Kalshi Prime, and secured by assets held at BitGo Bank & Trust, a federally chartered trust bank.
Acceptable collateral will include Bitcoin, Ethereum, and stablecoins deemed compliant with the GENIUS Act. Over time, additional custodians are expected to join Kalshi’s network.
Prime CEO Jeff Bandman told the media that the product is designed for crypto-native traders, including those already active on unregulated offshore perpetual contract platforms and large holders who prefer not to sell their Bitcoin to fund futures positions.
He also noted unexpected demand from businesses, such as Latin American companies operating their businesses using USD-stablecoins.
This move targets a niche market that Kalshi has acknowledged it is structurally at a disadvantage in. Its offshore, blockchain-based competitor, Polymarket, has long served crypto whales and trading firms that prefer to keep their funds in digital assets. Since spring, both platforms have been competing to expand their perpetual futures business.
Webull will launch crypto-related perpetual futures through Kalshi's infrastructure.
One day before announcing its arrangement with BitGo, Webull revealed on Tuesday that eligible U.S. customers will be able to trade perpetual futures on its platform starting in November, initially covering Bitcoin and a few other crypto assets.
These contracts will be traded on KalshiEX LLC, a designated contract market regulated by the U.S. Commodity Futures Trading Commission (CFTC), and cleared through its derivatives clearing house, Kalshi Klear LLC. Initially available only to customers approved for futures trading through their existing Webull Futures accounts, the offering is expected to expand before the end of the year.
Anthony Denier, President and U.S. CEO of Webull Group, stated in the company’s press release that perpetual futures surpassed $90 trillion in global trading volume in 2025, and U.S. investors should be able to access this product through regulated platforms.
These announcements continue Kalshi’s product expansion. The company received CFTC approval in late May to launch the first regulated Bitcoin perpetual contract in the U.S., which went live in early June; it subsequently added gold and silver perpetual contracts in September and launched the US500 stock index perpetual contract earlier this month.
This expansion comes amid increasing legal pressure at the state level. Following New York’s similar action against Polymarket last month, Utah became the latest state to sue Kalshi on Monday, alleging illegal sports betting.