The prediction market operator is widening how traders can fund its newest product: some Kalshi clients will be able to post crypto as collateral for leveraged perpetual-futures trades, using bitcoin-backed loans arranged with a digital-asset lender.

The structure lets holders borrow against their BTC instead of selling it to fund margin. Kalshi's bitcoin perpetual contract, approved by the CFTC in May, offers long and short positions with no expiry and leverage of up to 6.8x.

The move comes a day after Webull said it will offer crypto perpetual futures to eligible US customers through Kalshi starting in November. Borrowing against crypto to trade leveraged perps stacks two layers of liquidation risk if BTC falls sharply.