Polymarket files applications to offer regulated margin trading in US

Polymarket’s affiliated entities seek NFA registration as FCMs and swap firms, a step toward letting U.S. users trade with borrowed capital

By Danny Park • Edited by Timmy Shen
Regulation•July 10, 2026, 12:10AM EDT
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Polymarket files applications to offer regulated margin trading in US

Quick Take

  • Polymarket filed applications with the National Futures Association earlier this month to offer margin trading in the U.S.
  • Polymarket’s rival platform, Kalshi, already received U.S. regulatory approval to provide margin trading in March.
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Polymarket has filed to offer margin trading in the U.S., which could allow users of the prediction market platform to bet on events with a fraction of the usual capital required upfront.

According to the National Futures Association's BASIC system, Coming Home GBA LLC has filed applications for futures commission merchant (FCM) registration and related approvals via PM Derivatives LLC.

PM Derivatives LLC submitted the main filings — for FCM, NFA Member, and Swap Firm registration — on July 3. Coming Home GBA is an affiliated entity of Polymarket, Bloomberg reported earlier. To fully enable leveraged trading on the platform, Polymarket would also need approval from the Commodity Futures Trading Commission.

The Block has reached out to Polymarket for further comment.

Meanwhile, rival platform Kalshi is already further along. In March 2026, Kalshi's affiliate, Kinetic Markets LLC, received NFA approval as a registered FCM and Swap Firm, positioning the platform to offer margin trading.

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In June, the two major prediction market platforms each posted record monthly trading volumes. Kalshi saw $33 billion in volume last month, while Polymarket and its U.S. entity had nearly $14 billion combined, according to The Block's data dashboard.