Hassan Maishera
TL;DR
-
Polymarket has filed for regulatory approvals that could pave the way for margin trading in the United States.
-
PM Derivatives LLC submitted applications for Futures Commission Merchant (FCM), NFA membership, and Swap Firm registration.
-
The platform will also require approval from the Commodity Futures Trading Commission (CFTC) before offering leveraged trading.
Prediction market platform Polymarket has taken a significant step toward introducing margin trading in the United States by filing for key regulatory approvals that would allow users to trade with leverage.
If approved, the move would enable traders to place larger bets on event contracts while committing only a portion of the required capital upfront, expanding the platform's offerings for U.S. users.
Polymarket Seeks Futures and Swap Registrations
According to records in the National Futures Association (NFA) BASIC registration system, PM Derivatives LLC submitted applications on July 3 for:
-
Futures Commission Merchant (FCM) registration
-
National Futures Association membership
-
Swap Firm registration
The filings were made alongside Coming Home GBA LLC, an affiliated entity previously identified as being connected to Polymarket.
Obtaining these registrations is an important regulatory milestone for firms seeking to provide leveraged derivatives trading services in the U.S.
While the NFA applications represent progress, Polymarket must also secure authorization from the Commodity Futures Trading Commission (CFTC) before it can officially launch margin trading products.
Approval from both regulators would allow the company to expand beyond its existing prediction market offerings by introducing leveraged event contracts for eligible users.
Polymarket has not publicly commented on the filings.
Kalshi Maintains Regulatory Lead
Although Polymarket is advancing its regulatory efforts, competitor Kalshi remains ahead in the race to offer leveraged prediction markets.
In March 2026, Kalshi affiliate Kinetic Markets LLC received approval from the National Futures Association as both a registered Futures Commission Merchant and Swap Firm.
Those approvals positioned Kalshi to move closer to offering margin trading on its own platform.
The regulatory filings come as interest in prediction markets continues to surge.
According to industry data, both Polymarket and Kalshi posted record trading activity in June.
-
Kalshi recorded approximately $33 billion in monthly trading volume.
-
Polymarket, together with its U.S. entity, generated nearly $14 billion in combined trading volume.
The rapid growth highlights increasing demand for event-based trading markets, where users speculate on the outcomes of political, economic, financial, and sporting events.
As competition intensifies, regulatory approval for leveraged trading could become an important differentiator, giving platforms additional ways to attract active traders and institutional participants.
