Polymarket files three NFA applications for US margin trading
Polymarket has filed for futures commission merchant registration with the National Futures Association (NFA) through an affiliate entity. The filing, reported July 10, 2026, would enable margin trading for U.S. users and expand the CFTC-regulated platform's product suite beyond cash-settled event contracts. Polymarket filed three registration applications with the NFA as it seeks to introduce leveraged trading, potentially drawing liquidity from crypto derivatives venues.
Polymarket's margin push closes the leverage gap that Kalshi exploited since March. Kalshi held a monopoly on margined event contracts for months, capturing block-size flow from professional desks. Polymarket's $4 billion weekly volume record shows retail demand, but margin access converts that into institutionally sized trades.
The CFTC will scrutinize capital requirements and risk-management protocols before signing off. A delayed or conditional approval leaves Polymarket cash-collateralized through peak events. The first platform to clear leverage reliably will set the liquidity standard rivals must match. Without margin, Polymarket remains a retail venue watching professional flow migrate to Kalshi and Novig.
Polymarket joins Kalshi in courting the DRW, Wintermute, and IMC market-making desks that have built dedicated prediction-market operations, turning margined event contracts into a two-venue race for institutional flow.