Polymarket Is Chasing Kalshi in the Race for US Margin Trading Approval

TLDR

• Polymarket filed applications with the National Futures Association on July 3 to offer margin trading in the U.S.
• The filings were made through PM Derivatives LLC for FCM, NFA Member, and Swap Firm registration.
• Polymarket still needs CFTC approval to fully enable leveraged trading on its platform.
• Rival Kalshi already received NFA approval in March 2026 through its affiliate Kinetic Markets LLC.
• Both platforms hit record trading volumes in June — Kalshi at $33 billion, Polymarket at nearly $14 billion combined.

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Polymarket has filed applications with the National Futures Association to offer margin trading in the United States. The move would let users place bets on real-world events using less money upfront than currently required.

The filings were submitted on July 3 through PM Derivatives LLC. The applications cover futures commission merchant registration, NFA membership, and Swap Firm registration. An affiliated entity called Coming Home GBA LLC is also part of the filings.

Getting NFA approval is just one step. Polymarket would still need a green light from the Commodity Futures Trading Commission before it can fully launch leveraged trading for U.S. users.

Polymarket has not yet publicly commented on the filings. The Block reached out to the company for a response.

Kalshi Already Has a Head Start

Kalshi, Polymarket’s main competitor, is already ahead in this process. In March 2026, Kalshi’s affiliate Kinetic Markets LLC received NFA approval as a registered futures commission merchant and Swap Firm.

That approval means Kalshi is already positioned to offer margin trading to its users. Polymarket is now working to catch up.

Both platforms are growing fast. In June, each posted record monthly trading volumes.

Kalshi recorded $33 billion in trading volume last month. Polymarket and its U.S. entity combined for nearly $14 billion in the same period.

What Margin Trading Would Mean for Users

Margin trading allows traders to open larger positions with a smaller amount of capital. On a prediction market, that means users could bet on events — like election outcomes or economic indicators — without putting up the full amount.

This type of trading appeals to more experienced traders who want to manage larger positions with less cash tied up.

Polymarket has been expanding its reach in the U.S. market. Pursuing regulated margin trading is part of that effort.

The platform is looking to attract a more sophisticated user base, according to reporting by Bloomberg.

Polymarket’s regulatory push comes as prediction markets continue to draw mainstream attention. Both Kalshi and Polymarket set volume records in June, showing strong user demand.

The NFA filings mark a concrete step toward offering a product that is already available on a competing platform.

Whether Polymarket receives CFTC approval — and how quickly — will determine when, or if, U.S. users can access margin trading on the platform.

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