Kalshi Teams Up With BitGo to Offer Crypto-Backed Loans for Futures Trading

TLDR

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Kalshi and BitGo have partnered so eligible clients can borrow against Bitcoin, Ether and compliant stablecoins.
Kalshi Katalyst will issue the loans, and BitGo Bank & Trust will hold the collateral.
Loan funds can be used as margin for perpetual futures on Kalshi’s exchange.
Kalshi Prime CEO Jeff Bandman says the aim is to help customers “stay in crypto.”
Kalshi handled about $1.1 billion in perpetuals trading on Tuesday, Bloomberg reported.

Kalshi is rolling out crypto-backed loans through a new deal with BitGo. Eligible clients can borrow against their Bitcoin and Ethereum to trade perpetual futures.

Kalshi will let some clients use crypto as collateral for leveraged perpetual-futures trades through a new BitGo arrangement https://t.co/xU2zMGTsHu
— Bloomberg (@business) October 21, 2026

Borrowers keep ownership of their digital assets. They use the loan money as margin on Kalshi’s exchange.

Kalshi Prime, the company’s U.S.-registered futures commission merchant, will offer the service. Customers can borrow against assets held at BitGo.

How the Loans Work

Kalshi Katalyst, an affiliate that handles lending, will issue the loans. The collateral will be held at BitGo Bank & Trust.

The deal uses tri-party collateral management. One party takes the loan, one makes it, and a third holds the pledged assets.

Kalshi Prime CEO Jeff Bandman told Bloomberg that Bitcoin, Ether and stablecoins that meet Genius Act standards will qualify. More custodians are expected to join later.

“What we wanted to do was make it possible for customers to stay in crypto,” Bandman said. He pointed to investors who prefer to keep their Bitcoin.

He also cited a Latin American company that relies on U.S. dollar stablecoins. Both groups want futures exposure without selling their holdings.

Bandman said the product could help Kalshi win over crypto-native firms and whales, which are large holders of digital assets. Bloomberg reported Kalshi may be at a disadvantage to Polymarket, an offshore rival, with this group.

“I built this because I was thinking about digitally native customers who are active and who might already be trading perpetual futures in some of the unregulated offshore markets,” Bandman said.

Kalshi’s Push Into Perpetual Futures

Perpetual futures are contracts with no expiration date. Traders can hold positions as long as they meet margin requirements.

Kalshi began offering them this year on gold, silver and cryptocurrencies. The Commodity Futures Trading Commission approved the BTCPERP contract on May 29.

Crypto perpetuals topped $1 billion in trading volume within a week of launch. Before that, U.S. traders had no regulated domestic option.

In September, Kalshi added contracts tied to BNB, ADA and AAVE. It has also asked regulators to approve perpetual-style contracts linked to oil and U.S. equities.

Also in September, Kalshi Klear, its clearinghouse, asked the CFTC to allow leverage on event contracts. Regulated U.S. event exchanges now require full collateralization.

Access would be limited to participants who meet Kalshi Klear’s requirements, including self-clearing members with set capital levels.

Bloomberg reported Kalshi processed about $1.1 billion in perpetuals trading on Tuesday. The loan plans were reported on October 21, 2026.