Kalshi Prime, the US registered futures commission merchant of prediction market Kalshi, is now allowing its users to borrow against their cryptocurrency holdings to obtain dollar margin for trading perpetual futures on Kalshi.
The service is aimed at crypto-focused trading firms and other eligible clients who want access to dollar liquidity without selling their holdings. According to the announcement, Kalshi Prime users can borrow against Bitcoin (BTC), Ethereum (ETH), and stablecoins held at BitGo. The borrowed cash can then be used as margin for perpetual futures on Kalshi.
Three parties are involved in the arrangement: the client borrows, Kalshi Katalyst—a lending arm tied to Kalshi Prime—provides the loan, and the collateral remains with BitGo Bank and Trust. BTC, ETH, and stablecoins that meet GENIUS Act requirements will be considered. More custodians will be added later.
Jeff Bandman, CEO of Kalshi Prime, said the company is “listening to our customers and providing what they need, adapting our model to how they actually hold and manage assets.” He also noted that Kalshi has “always been crypto friendly, and HODL Margining is a great example of being customer focused.”
The move comes as Kalshi expands its derivatives offerings. KalshiEX launched perpetual futures in May, starting with cryptocurrency contracts, and has since expanded into other markets, including gold and the Kalshi 500 index. The company, best known for letting people bet on election results and rate cuts, is gradually becoming a full derivatives shop.
It is expected that crypto trading firms and large holders would show interest in the new margin loan service.
