Overview
- Kalshi announced on Oct. 21 that it has launched a BitGo-backed tri-party loan program that lets eligible clients borrow cash against Bitcoin, Ether and stablecoins that meet the GENIUS Act to use as margin for perpetual futures.
- Loans will be issued by Kalshi Katalyst, pledged assets will remain in custody at BitGo Bank & Trust, and borrowed funds can back perps that trade on KalshiEX and clear through Kalshi Klear.
- Webull will begin offering access to Kalshi’s perpetual futures to eligible U.S. customers in November, expanding distribution to retail futures accounts.
- Industry observers warn the program raises risk because using volatile crypto as collateral for leveraged positions can cause simultaneous falls in collateral value and open positions, increasing the odds of margin calls and forced liquidations.
- The product builds on Kalshi’s CFTC-approved roll‑out of U.S. perpetuals this year and growing volumes—reported near $1.1 billion on a recent day—even as state lawsuits, including one from Utah, create legal uncertainty for the business.