Kalshi Expands Crypto Derivatives With Bitcoin-Backed Margin Loans

Kalshi is expanding its crypto derivatives offerings by launching bitcoin-backed margin loans through a partnership with custodian BitGo, while also securing a distribution deal with trading platform Webull.

Customers of Kalshi Prime, the firm’s futures commission merchant, will be able to borrow against digital assets held at BitGo and use the loan proceeds to fund margin positions on perpetual futures traded on Kalshi’s main exchange. The loans will be issued by Kalshi’s lending affiliate, Katalyst, and secured against assets held at BitGo Bank & Trust.

Eligible collateral includes bitcoin, ethereum, and stablecoins compliant with the GENIUS Act. Prime CEO Jeff Bandman stated the product targets crypto-native traders, including those using offshore venues and large holders who prefer not to sell their bitcoin to fund trading.

The announcement follows Webull’s news that its eligible U.S. customers will be able to trade perpetual futures via Kalshi’s rails starting in November. Kalshi launched the first U.S.-regulated bitcoin perpetual contract in June and has since added gold, silver, and a US500 stock index perpetual.