Kalshi has asked the U.S. Commodity Futures Trading Commission to approve leveraged trading on selected event contracts, arguing that the current requirement to fund positions fully upfront discourages institutional participation in markets settling months later. The September 22 filing was submitted by Kalshi Klear, the company's in-house clearinghouse. The proposed framework would exclude sports, culture and mention markets, increase collateral requirements as contracts approach settlement and limit access to qualified professional participants. The filing follows rapid expansion in Kalshi's broader derivatives business, including more than $44 billion in perpetual-futures notional volume, while the exchange reports annualized trading volume rising from $52 billion to $178 billion in six months. Separate analysis found that recurring fixed-dollar trades represented large shares of sampled bitcoin and ether perpetual-futures activity, raising questions about how concentrated the platform's headline volume may be. Kalshi is also facing state challenges to its sports contracts, including litigation in Connecticut, Michigan and New Jersey.