kalshi

Kalshi just let US traders borrow against their bitcoin to trade perpetuals — without selling it.

Bloomberg reported Wednesday: Kalshi Prime, the CFTC-registered futures commission merchant, teamed up with custodian BitGo so Prime clients can borrow against digital assets to fund margin on perpetual futures on its main exchange.

The setup is tri-party: Kalshi Katalyst (the lending affiliate) issues the loans, BitGo Bank & Trust holds the collateral. Eligible: bitcoin, ether, GENIUS-Act-compliant stablecoins; more custodians expected.

Why it matters: this is the onshore answer to offshore perps. CEO Jeff Bandman says it targets crypto-native traders and large holders who'd rather not liquidate spot — plus surprise demand from Latin American firms running on USD stablecoins. Kalshi has admitted a structural disadvantage here against Polymarket.

Honest note: this lands the week Utah sued Kalshi over sports betting — and regulated US venues still can't match offshore leverage. Regulated doesn't mean frictionless.

Does BTC-backed margin finally pull real perp volume onshore?

$BTC $ETH $82,948 (+0.2%), $ETH $2,444 (-0.1%) — no sharp reaction to the headline. NFA. DYOR.

#Bitcoin #CryptoNews #Perpetuals #Kalshi

【Market Flash】Prediction markets are going wild: Kalshi and Polymarket crypto contracts saw a record $2.7 billion in trading volume in one week. Of Kalshi’s $8.17 billion in crypto volume in September, 86% came from 15-minute contracts. Polymarket’s 15-minute Bitcoin market racked up $91.76 million in its first week. A 15-minute round, and no liquidation if you lose—is this trading innovation or a casino dressed up as finance?
$BTC $ETH $SOL
#预测市场 #Kalshi #Polymarket
(Source: Bitcoin.com)
⚠️Risk Warning: The above is shared for informational purposes only and does not constitute investment advice. Investing involves risk; please exercise caution when entering the market.

Came across an exclusive from The Block: wallet Phantom is starting to roll out Kalshi prediction markets to U.S. users, letting them trade event contracts directly in the app.

The rollout begins in phases on Oct. 23, and users must first complete KYC with Kalshi. Funds are deposited using Phantom’s own dollar stablecoin, CASH, then transferred to Kalshi and converted to fiat at settlement; withdrawals and winnings go back to Phantom Cash. Contracts are priced at around $0.02 each, plus a small network fee.

With lawsuits still ongoing at the state level, Phantom is restricting access state by state for now: sports are blocked in Michigan; sports, elections, politics, and entertainment are blocked in Nevada; and Washington has stricter restrictions, also blocking culture, technology, geopolitics, and more. Legal counsel Kevin Jacobs said the company believes CFTC jurisdiction is clear and has received a conditional no-action letter from the CFTC, so it’s proceeding while the state-level disputes play out.

Betting on events right inside a wallet—prediction markets have taken another step toward self-custody.

#Kalshi #Phantom #预测市场 $CASH

【Market Update】Bets on Kalshi are heating up: Anna Kelly’s odds of becoming Trump’s press secretary have risen to 26%, making her the frontrunner.
Her predecessor, Katie Zacharia, left after just five days in the role. The White House has yet to announce a successor, and Trump himself said there was “no rush” to make an announcement. Market bets don’t equal an appointment: 26% is far from a sure thing, and the odds could shift at any moment if other potential candidates gain traction.
Prediction markets have turned the personnel speculation into a tradable signal, but one statement from the White House could rewrite the market—do you think Kelly will ultimately get the job? Share your thoughts in the comments.
$BTC $ETH $SOL
#预测市场 #特朗普 #Kalshi
(Source: Crypto Briefing)
⚠️Risk warning: The above is shared for informational purposes only and does not constitute investment advice. Investing involves risks; please exercise caution.

Prediction markets have turned short-term sentiment into tradable contracts.

According to reports, the notional trading volume of crypto-related contracts on Kalshi and Polymarket totaled around $2.7 billion last week, setting a record. Bets on Bitcoin’s price moves over 15-minute intervals were especially active. Capital is split between “directional bets” and “event bets”; leverage and settlement rules are more transparent than in spot markets, and sentiment can amplify them more easily.

Reminder: Record trading volume signals rising participation, but it does not automatically confirm the start of a major rally. Short-term contracts are more like a sentiment gauge—when volatility increases, first consider whether you can handle the settlement pace before deciding whether to follow the crowd.

#BTC #预测市场 #Kalshi #Polymarket

Utah just opened a new front in the war over prediction markets.

Attorney General Derek Brown sued Kalshi on Tuesday, calling its event contracts illegal gambling — and in a first, going after the market makers too. Five Kalshi entities plus Susquehanna International Group and Susquehanna Government Products are named.

Utah estimates $30.6–61.2M in fees from 32,000+ accounts, and wants sports, election, politics, culture, and 'mentions' contracts blocked, court-approved geofencing, plus restitution.

Back in August, a federal judge ruled CFTC oversight doesn't preempt Utah's gambling laws; the Tenth Circuit denied Kalshi's stay in September. Kalshi appealed, saying no single state 'should have a veto' over a federally regulated exchange.

Why it matters: Kalshi is the CFTC-regulated venue where the first US crypto perps were approved and where Webull's Bitcoin perps will trade from November. If states can slice contracts off one injunction at a time, the 'national exchange' idea dies by fifty cuts.

Those figures are Utah's estimates, not findings. If Utah wins, which AG goes next — and what happens to crypto contracts on Kalshi? NFA. DYOR.

#CryptoNews #PredictionMarkets #Kalshi #Regulation

Prediction markets are moving toward becoming “macro hedging tools.”

Kalshi plans to launch futures contracts tracking U.S. CPI and core CPI in December 2026, targeting large banks and hedge funds and aiming to offer a more standardized way to trade and hedge inflation. This is different from opening event markets to retail traders: institutions need contracts that can be audited, reconciled, and integrated into risk management systems.

If it goes ahead, crypto narratives will be more frequently driven by the macro calendar. For traders, the focus will shift from “who guessed the event right?” to “how are inflation expectations being priced?”

#Kalshi #CPI #预测市场 #Macro

Opening prediction markets directly in your wallet is one step closer.

On October 23, Phantom launched a Kalshi prediction market entry point for U.S. users, supporting trading with the stablecoin CASH; due to lawsuits in various states, certain markets in some states will be temporarily restricted. Prediction markets are moving from a "standalone app" toward wallet-native experiences.

As convenience rises, compliance boundaries are being split by state as well—what you can buy and what you cannot buy matters more than whether you can tap the button.

#Phantom #Kalshi #预测市场 #stablecoin

Established exchanges are joining forces to “besiege” prediction markets: CME and other commodity exchanges are pressuring the CFTC to reject Kalshi’s proposal for perpetual crude oil futures, citing risks to market integrity.

The point of contention is the “perpetual contract” product structure. It originated in crypto markets, has no expiration date, and uses funding rates to maintain its peg. It is a mainstream trading instrument in crypto. Kalshi wants to bring it into the CFTC-regulated commodity market, but traditional exchanges worry this would bypass existing margin, risk-control, and disclosure frameworks.

What this means for ordinary users: 1) If the CFTC approves it, U.S. users will be able to trade perpetual contracts within a compliant framework—a product-level boost for the industry as a whole; 2) If it is rejected, the boundary between prediction markets and traditional futures will become clearer, hampering Kalshi and its peers’ expansion; 3) The range of derivatives available to U.S. users will likely be reshuffled depending on the decision.

What to watch next: when the CFTC responds, and whether Kalshi launches overseas first to sidestep regulation.

#Kalshi #BTC #ETH

CME led the charge in talking Kalshi out of offering perpetual crude oil futures, citing fears of market chaos. These exchanges are really protective of their turf. Perpetual contracts could clearly boost liquidity, but now it all depends on the regulators, and the dawn of prediction markets will have to wait yet again.

#Kalshi #RWA #Commodity

Spotted on Finance Magnates / Bloomberg: Commodity giants join forces to urge the CFTC to block Kalshi’s crude oil “perpetuals.”

Key details: Prediction market Kalshi applied to the CFTC on October 20 to list WTIPERP, a WTI contract with no expiration date. It references near-month NYMEX futures pricing, has a daily funding rate that keeps it close to spot prices, is cash-settled at 100 barrels per contract (about one-tenth the size of a standard crude oil futures contract), and does not trade on weekends. Two days later, the Commodity Markets Council—which includes members such as CME, NYMEX, and ICE Futures U.S.—wrote to the CFTC, saying oil perpetuals threaten market integrity and urging it not to approve the contract. It also called for cooperation with foreign regulators to restrict U.S. retail traders from using VPNs to access offshore commodity platforms.

Background: Kalshi had already launched WTI futures with expiration dates, reportedly seeing about $57 million in daily trading volume and leverage of up to around 5.9x. WTIPERP is still under review. The CFTC has at least 45 days to review it (extendable to 90 days), and trading cannot begin without approval.

The crypto world’s perpetual-futures model is trying to move into the physical oil market, and traditional futures players have already made an effort to stop it.

#Kalshi #CFTC #CrudeOil

CME and ICE are joining forces, petitioning the CFTC to stop Kalshi from offering perpetual crude oil futures—and to block retail traders from placing orders overseas. These entrenched interests are afraid their business will be siphoned off, so they’re wielding regulatory power to protect themselves by “strangling” the competition. The leverage moat for U.S. retail traders is about to be squeezed dry again. In this kind of regulatory environment, liquidity will only keep getting worse.

USCRUDE

#Regulation #Kalshi #CME #Futures

⚖️ Open perpetuals without selling your coins? Before you do, understand how the risks stack up

US prediction market Kalshi has taken another step into crypto. Bloomberg first reported it on October 21, and it officially launched on October 22: Kalshi Prime and custodian BitGo have introduced HODL Margining.

Here’s how it works:
🔹 Eligible customers hold BTC, ETH, or GENIUS Act-compliant stablecoins in segregated custody at BitGo Bank & Trust
🔹 Kalshi Katalyst, an affiliated company, lends them US dollars
🔹 The funds are used directly as margin for regulated perpetuals on KalshiEX
🔹 If the margin falls below the required level, the pledged crypto can be liquidated

There are also reports that Kalshi is in talks with Webull about a distribution partnership, potentially making perpetuals available to more people.

A lot of people see this as a way to get liquidity without selling their coins, which sounds pretty appealing.

But one trader on X put it plainly: using an asset from the same market as your position for collateral stacks the risks. If the coin drops, your collateral can lose value at the same time your contract takes a hit—all in the same candle.

Here’s an example (not actual data): you use BTC as collateral to open a BTC long. That’s like adding another layer of leverage in the same direction on top of your existing holdings. When the market moves your way, you can profit twice; when it turns against you, margin calls and liquidation can hit from both sides at once.

My take:
The real significance is that BTC is increasingly being treated as legitimate collateral within the regulated financial system, which is a positive for the industry. But for individuals, the more convenient the tool, the more important it is to ask: what is my margin made of?

If your collateral and position are highly correlated, it’s best to keep leverage low and maintain plenty of buffer—or simply use stablecoins as margin to separate the two risks.

Would you use the BTC you hold as collateral to open a contract, or do you prefer to keep spot and derivatives separate? Share your thoughts in the comments 👇

#BTC #合约交易 #风险管理 #Kalshi

Leverage without selling your coins: BitGo Bank & Trust has become the first custodian in Kalshi Prime’s HODL margin network. Eligible clients can pledge BTC, ETH, or certain stablecoins to borrow USD for margin on perpetual futures, while their assets remain in segregated qualified custody and cold storage at BitGo, with legal ownership unchanged. Bringing custody and collateral financing together further improves the capital efficiency of institutional holdings. Do you think this type of collateral financing will amplify volatility or deepen liquidity? Share your thoughts in the comments.
$BTC $ETH $SOL
#BitGo #Kalshi #CryptoCustody
(Source: Coinfomania)
⚠️Risk warning: The above is shared for market information only and does not constitute investment advice. Investing involves risk; please exercise caution.

Came across Kalshi: Eligible Kalshi Prime customers can use BTC, ETH, and GENIUS Act-compliant stablecoins held at BitGo Bank & Trust as collateral to borrow dollars and fund perpetual futures margin.

It’s a three-party setup: customers borrow, Kalshi Katalyst lends, and BitGo manages the pledged assets. There’s another development: Webull users will also be connected to Kalshi’s perpetual futures.

You can open a leveraged position without selling your crypto first, improving capital efficiency. But the collateral itself is volatile, which means leverage on top of leverage—and the risk of both sides getting hurt is real.

$BTC $ETH #Kalshi #BitGo #Perpetual

Are U.S. regulated exchanges going bad too? Kalshi announced that institutional clients can use Bitcoin as collateral to borrow money and open perpetual contracts.
(Source: Bloomberg, via crypto-economy.com, published today at 01:00 UTC)

This is all being done through proper channels.
Kalshi Prime is a CFTC-registered futures commission merchant. It has teamed up with custody giant BitGo to place clients’ BTC, ETH, and compliant stablecoins in tri-party custody at BitGo Bank & Trust.
Then Kalshi’s lending subsidiary, Kalshi Katalyst, extends lines of credit that go straight toward margin for perpetual contracts.

Kalshi Prime CEO Jeff Bandman told Bloomberg outright that the goal is to let traders avoid having to sell off their spot holdings just to free up liquidity.

This gives me a bad feeling.
Perpetual contracts have long been the specialty of offshore exchanges. Now regulated exchanges are bringing “borrow against collateral to leverage up” into the CFTC framework.
The official line is that this will “close the regulatory gap with offshore platforms like Polymarket.” In other words: a compliant façade, with gambling at its core.

The numbers are eye-catching too: BTCPERP was approved on May 29 this year, and crypto derivatives trading volume topped $1 billion in its first week. Last Tuesday, perpetual futures racked up nearly $1.1 billion in a single day.
In September, Kalshi’s clearing subsidiary also filed an application with the CFTC to add leverage to event contracts. Next up: crude oil and U.S. stock perpetuals are waiting in line.

It used to be retail traders taking wild risks on offshore exchanges. Now it’s institutions taking wild risks under Wall Street’s watchful eye.
Which kind of leverage makes for a more respectable liquidation: regulated or untamed?

$BTC
#Kalshi #Bitcoin

【Market Flash】You can now use leverage without selling your crypto: Kalshi Prime customers can borrow against BTC, ETH, and compliant stablecoins held in custody at BitGo, and use the funds directly as margin for perpetual futures. The loans are issued by its affiliate, Katalyst, while the collateral is held at BitGo Trust Bank. Meanwhile, Webull’s more than 6 million customers will also be able to trade perpetual futures through Kalshi starting in November. Regulated platforms are beginning to compete for offshore whales, but if crypto prices fall, both margin and collateral will come under pressure. Is this incremental capital or a risk amplifier for $BTC ? Comment 1 if bullish, 2 if bearish
$BTC $ETH $USDC
#比特币 #永续合约 #Kalshi
(Source: Bitcoin Magazine/Bloomberg)
⚠️Risk warning: The above is for sharing market information only and does not constitute investment advice. Investing involves risks; please exercise caution.

🎯Prediction markets are starting to play with leverage

📰Kalshi has teamed up with BitGo, letting customers borrow against Bitcoin to trade perpetual futures. The casino and the bank are coming through the same door.

💬Using crypto as margin to bet on events means leverage adds a second layer of risk. Regulation is real progress, but liquidations can happen even faster. I was stunned for a couple of seconds after reading this.

🏷️#预测市场 #Kalshi #BitGo #LeverageRisk