Polymarket files three NFA applications for U.S. margin trading
Polymarket has filed three registration applications with the National Futures Association (NFA) to offer margin trading to U.S. users, according to multiple reports published July 10. The filings, submitted through an affiliate entity, seek futures commission merchant (FCM) status and would let users trade with borrowed capital beyond Polymarket's current cash-settled event contracts. One source dated the NFA applications to July 3. The move still requires CFTC approval. The filing comes while the platform faces an active CFTC marketing investigation.
Margin trading is the lever Polymarket needs to convert its political-event user base into derivatives-style volume. Cash-collateralized contracts cap position sizes; borrowed capital lets traders size up without moving funds. That matters because Kalshi already cleared this hurdle in March and is courting the same institutional desks.
Polymarket's crypto-native infrastructure lacks traditional futures-market lineage, so the CFTC will scrutinize its risk models and capital buffers harder than Kalshi's. A six-month approval window would mean missing the 2026 midterms as a margin-enabled launch. Rejection or delay leaves Kalshi alone with leveraged event-contract flow. Polymarket's growth narrative stays anchored to spot markets while rivals build swap and perpetual structures. The platform cannot afford to cede another product cycle.