Key Points

This report is written by Tiger Research. Different asset classes are accelerating their convergence: stocks, cryptocurrencies, and prediction markets were once independent of each other. Nowadays, the trend of integrating all assets into a single platform is accelerating. Robinhood has demonstrated 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 before the outcome is determined. Polymarket's introduction of perpetual futures trading is likely aimed at converting idle assets into revenue.

Traditional finance is also converging in the same direction: a new generation of users has been accustomed to accessing multiple asset classes simultaneously from a young age. As generations change, the demand for integrated platforms will only continue to grow, while large financial institutions will gradually absorb crypto spot trading and prediction markets as the regulatory environment opens up.

On April 21, 2026, the two dominant prediction market platforms @Polymarket and @Kalshi announced the launch of perpetual futures trading on the same day. The trading assets are expected to cover cryptocurrencies like Bitcoin, commodities like gold, and stocks like Nvidia. Both platforms stated they will officially launch upon obtaining 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 already begun; the announcements by Polymarket and Kalshi are merely a continuation of this trend.

Robinhood originally started as a stock trading application, added cryptocurrency trading in 2018, and incorporated prediction markets in 2025, pioneering the model of integrating fragmented trading markets under one platform.

This model has been validated by data. After expanding its crypto operations, crypto trading revenue became Robinhood's largest single source of revenue in Q4 2024. While crypto revenue in Q4 2025 decreased by 38% year-on-year, total revenue remained stable, with options, stocks, and prediction markets filling the gap. The structure achieving resilience through diversification has already taken shape.

Polymarket and Kalshi are coming from the opposite direction, heading towards the same destination. They originated from prediction markets and are now adding futures trading. Though their starting points are different, the endpoint is the same. As the Robinhood model is validated, traditional finance is likely also exploring the same pathway.

Simple Analogy

Smartphones have integrated cameras, MP3 players, and navigation functions into one device, marking the end of an era where different devices were carried separately. A similar transformation is happening in the financial field.

Brokerage accounts, cryptocurrency exchanges, and prediction markets are merging into a single platform. Robinhood started as a stock application, gradually incorporating cryptocurrencies and prediction markets; Polymarket started with prediction markets and is adding crypto perpetual contracts. Their starting points may differ, but their direction is the same.

Generalization of the Robinhood Model

With generational changes, this trend will accelerate further. The new generation of users has been exposed to stocks, cryptocurrencies, and prediction markets from an early age. Just as smartphone users would not accept having separate devices for cameras, MP3s, and maps, this generation finds the practice of using separate applications for each asset class unfamiliar from the beginning. The demand for an integrated platform that can handle all assets within a familiar interface will naturally grow with each subsequent generation.

This is the generalization of the Robinhood model.

Polymarket and Kalshi have particular advantages in this model. As collateral in prediction markets is locked before outcomes are determined, how to leverage these idle assets will become a crucial competitive differentiator.

On December 3, 2025, a developer proposed the concept of PolyAave: depositing Polymarket's outcome tokens into an Aave liquidity pool to earn interest. This was an early attempt at converting prediction market collateral into DeFi revenue. Polymarket's introduction of perpetual futures is likely an extension of this logic. It is reasonable to have a strategy that does not let locked capital remain idle.

Polymarket and Kalshi are taking the lead, but traditional finance is also facing the same pressure. As the regulatory environment gradually opens up, large financial institutions will directly support crypto spot trading and gradually absorb new asset classes, including prediction markets.

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