Polymarket Bids for US Margin Trading as Kalshi Keeps Its Lead

Polymarket files NFA applications to offer US margin trading

Polymarket has moved to bring margin trading to customers in the United States. Its affiliate, Coming Home GBA LLC, submitted the paperwork through PM Derivatives LLC on 3 July 2026. The filings ask the National Futures Association (NFA) to register that entity as a futures commission merchant (FCM), an NFA member, and a swap firm. Margin trading would let traders back event contracts while posting only a fraction of the capital normally required upfront. The three registrations set out the licenses Polymarket needs before it can hold customer margin. The filing does not by itself let Polymarket extend credit to traders.

The filing seeks three separate registrations

Each application covers a different piece of the broker framework. FCM status would let the entity accept and hold money that customers post to margin their trades. NFA membership brings the firm under the self-regulator's rulebook and oversight. Swap firm registration covers derivatives activity tied to the platform's event contracts. Approval from the NFA would mark the first regulatory step, not the last, in Polymarket's path to leverage. Holding all three licenses would let Polymarket both custody margin and clear the derivatives that leverage requires.

CFTC approval is still required for leverage

NFA registration alone would not switch on leveraged trading. Polymarket would also need the Commodity Futures Trading Commission (CFTC) to approve changes to its rulebook. Those changes would let users hold positions without posting the full contract value. At present, users must post the full value of a position upfront. Until the CFTC signs off, Polymarket cannot offer uncollateralized bets to American customers. That extra sign-off is why margin trading may not launch immediately, even if the NFA approves the filings.

Kalshi secured margin clearance in March

Rival prediction market Kalshi has already cleared this path. In March 2026, Kalshi won NFA approval as a registered FCM and swap firm through its affiliate Kinetic Markets LLC. That clearance gave Kalshi an early lead in offering leveraged event trading to US users. Polymarket's filing reads as a direct response to that head start. Both firms are racing to add margin products under federal oversight. Kalshi filed for its FCM registration in late 2025 and secured approval first.

June volumes still favor Kalshi

The two platforms enter this race from different positions. According to reported June 2026 figures, Kalshi handled about $33 billion in monthly volume. Polymarket and its US entity together processed roughly $14 billion over the same month. The gap shows why access to margin products matters for market share. A margin offering could help either platform close or widen that gap. For now, Kalshi processes more than twice Polymarket's US-linked volume each month.

Stablecoin liquidity underpins event trading

Regulated prediction markets settle their positions in dollar-pegged stablecoins. USDC traded at $1.00 with a $73.29 billion market capitalization at the time of publication (CoinPaprika, 10 July 2026). That level of stablecoin liquidity gives venues the capital base needed to support margined positions. Deep, liquid settlement assets matter more once traders can borrow against their collateral. USDC ranks among the largest stablecoins by market value.