Kalshi, a prediction market, is moving to expand the regulated crypto perpetual futures market in the United States, backed by crypto-collateralised lending and Webull distribution.

Bitcoin Magazine reported on Oct. 21 that Kalshi has teamed up with digital asset custodian BitGo to set up a structure for loans backed by digital assets. Through Webull, it plans to present its perpetual futures to more than 6 million customers.

Kalshi secured approval from the Commodity Futures Trading Commission for the first regulated bitcoin perpetual futures in the United States in late May and began trading in early June. It later added gold and silver perpetual futures in September, and launched US500 stock index perpetual futures earlier this month.

Bloomberg reported that Kalshi Prime customers will be able to take out loans against digital assets held at BitGo and use the proceeds as margin for perpetual futures on Kalshi’s main exchange. The loans will be made by Kalshi Catalyst, a lending affiliate of Kalshi Prime, and the collateral assets will be held at BitGo Bank and Trust, a federally chartered trust bank.

Assets accepted as collateral are bitcoin, ether and stablecoins that meet the criteria of the GENIUS Act. Kalshi expects more custodians to join the network in the future.

Jeff Bandman (제프 밴드먼), chief executive officer of Kalshi Prime, said the product was designed to target traders familiar with crypto. He cited as key customers users of unregulated offshore perpetual futures exchanges and large holders seeking to fund futures trading without selling bitcoin. He added that it also confirmed unexpected demand from companies, including those in Latin America, that manage operating funds using dollar-based stablecoins.

The offering of perpetual futures through Webull will initially be limited to customers who have received approval to trade futures through existing Webull futures accounts, and it is expected to expand before year-end. Trading will take place on KalshiEX LLC, a designated contract market regulated by the CFTC, and clearing will be handled by Kalshi Clear LLC, a derivatives clearing organisation.

Anthony Denier (앤서니 드니어), president and U.S. CEO of Webull Group, said perpetual futures recorded trading volume of more than $90 trillion globally in 2025, and U.S. investors should also be able to access the product through a regulated platform.

The BitGo-linked loans and the partnership with Webull are steps to expand the perpetual futures business on both financing and customer acquisition. It signals a strategic shift beyond product expansion by bundling trading infrastructure with funding tools.