Written by: Tiger Research

Translated by: AididiaoJP, Foresight News

Key Takeaways

Different asset classes are accelerating their convergence: stocks, cryptocurrencies, and prediction markets were once independent. Now, the trend of integrating all assets into a single platform is speeding up. Robinhood has proven this model with data; Polymarket and Kalshi are moving in the same direction.

In prediction markets, collateral utilization will become a core competitive advantage: In prediction markets, collateral is locked until the outcome is determined. Polymarket's launch of perpetual futures trading is likely an effort to turn idle assets into yield.

Traditional finance is also converging in the same direction: A new generation of users has grown up accustomed to multiple asset classes simultaneously. As generations shift, the demand for all-in-one platforms will only grow, and major financial institutions will gradually absorb crypto spot trading and prediction markets as regulatory environments open up.

On April 21, 2026, the two leading prediction market platforms, @Polymarket and @Kalshi, announced on the same day that they would launch perpetual futures trading. The trading targets are expected to include cryptocurrencies like Bitcoin, commodities like gold, and stocks like Nvidia. Both platforms said they will officially launch after receiving regulatory approval.

Why Now

This can be understood through the "Robinhood model." The trend of integrating previously independent asset classes into a single platform has been underway for some time, and the announcements from Polymarket and Kalshi are just a continuation of this trend.

Robinhood started as a stock trading app, added cryptocurrency trading in 2018, and incorporated prediction markets in 2025, pioneering a model that consolidates fragmented trading markets into one platform.

This model has been validated by data. After expanding into crypto, crypto trading revenue became Robinhood's largest single revenue source in Q4 2024. Crypto revenue in Q4 2025 fell 38% year-over-year, but total revenue remained stable, with options, stocks, and prediction markets filling the gap. A structure resilient through diversification has been established.

Polymarket and Kalshi are approaching the same endpoint from the opposite direction. They originated in prediction markets and are now adding futures trading. The starting points differ, but the destination is the same. With the Robinhood model proven, traditional finance is likely exploring the same path.

A Simple Analogy

Smartphones integrated cameras, MP3 players, and navigation into a single device. The era of carrying separate gadgets for each function is over. The same shift is happening in finance.

Brokerage accounts, crypto exchanges, and prediction markets are merging into single platforms. Robinhood started as a stock app and added crypto and prediction markets; Polymarket started as a prediction market and is adding crypto perpetual contracts. Different starting points, but the same direction.

The Generalization of the Robinhood Model

This trend will accelerate with generational change. Newer generations have grown up with stocks, cryptocurrencies, and prediction markets all at once. Just as smartphone users wouldn't accept separate devices for a camera, MP3 player, and map, this generation finds it foreign to use separate apps for each asset class from the start. The demand for an all-in-one platform that handles all assets within a familiar interface will naturally grow with each generation.

This is the generalization of the Robinhood model.

Polymarket and Kalshi have a unique advantage in this model. Because collateral in prediction markets is locked until the outcome is determined, how to utilize this idle capital becomes a key competitive differentiator.

On December 3, 2025, a developer proposed the concept of PolyAave: depositing Polymarket's outcome tokens into the Aave liquidity pool to earn interest. This was an early attempt to turn prediction market collateral into DeFi yield. Polymarket's launch of perpetual futures is likely an extension of this logic. The strategy of not letting locked capital sit idle makes sense.

Polymarket and Kalshi have moved first, but traditional finance faces the same pressure. As regulatory environments gradually open up, major financial institutions will directly support crypto spot trading and gradually absorb new asset classes, including prediction markets.