Kalshi Introduces Crypto-Collateral Lending for Perpetual Futures as Webull Faces Data Security Review
Kalshi has introduced a service that lets eligible clients pledge Bitcoin, Ether, and certain stablecoins held with BitGo to obtain loans for perpetual futures margin. The loans will be issued by Kalshi Katalyst and are intended to give U.S. traders a CFTC-compliant way to use crypto holdings as collateral. The rollout comes as Webull, a key retail distribution partner, faces Washington scrutiny over potential China-linked access to customer data.
Kalshi’s new lending setup involves BitGo Bank & Trust as custodian, with Kalshi Katalyst issuing loans secured by assets held there. Eligible Kalshi Prime clients can pledge BTC, ETH, or stablecoins meeting GENIUS Act standards to support perpetual futures margin, according to CEO Jeff Bandman.
Webull intends to begin U.S. perpetual futures in November, initially crypto-linked, using KalshiEX as the CFTC-regulated trading venue and Kalshi Klear for clearing. Access starts with customers already cleared for futures, with wider availability planned by year-end. An October 7 House committee report examined Webull’s ownership, technology, and possible China-linked data exposure.
The service could give U.S. traders another way to access leveraged derivatives without selling crypto, but it may also increase exposure to margin calls and liquidation during volatile markets. Webull customers could be affected by both expanded product access and unresolved data-security concerns, while regulators and custodians may face greater scrutiny over collateral safeguards and cross-border data handling.