The decentralized prediction platform Polymarket has filed registration applications that could open the door to launching margin trading in the United States. This is a strategic move aimed at expanding functionality and attracting institutional participants seeking more flexible capital management tools.
For a full-scale launch of leveraged services, Polymarket needs approval from the Commodity Futures Trading Commission (CFTC). The regulator has traditionally maintained strict oversight of such operations, especially in the derivatives segment, so the process may be lengthy, but the very fact of filing applications signals the team's serious intentions.
Competitive race: Kalshi is already ahead
Against this backdrop, it is worth noting the progress of a direct competitor — the Kalshi platform. Its affiliated entity, Kinetic Markets, has already received approval from the National Futures Association (NFA) in March 2026. This status allows Kinetic Markets to operate as a futures commission merchant (FCM) and swap firm, giving it a significant advantage in the speed of entering the margin trading market.
The difference in regulatory progress between Polymarket and Kalshi could become a key factor in the battle for market share. While Polymarket is only beginning its bureaucratic journey, Kalshi has effectively already received the "green light" from one of the key regulators.
Expert opinion: Margin trading on prediction platforms is a logical evolution, but it carries increased risks. Polymarket needs not only to obtain CFTC approval but also to build robust risk management mechanisms to avoid cascading liquidations that could undermine user trust. In this race, the winner will not be the one who launches the product faster, but the one who can offer the most resilient and transparent infrastructure.