Tiger Research: Is the Era of Integrating All Assets on a Single Platform Approaching?
- Core Thesis: The convergence of different types of financial assets is accelerating as a trend, with the integrated platform model represented by Robinhood proving successful. Polymarket and Kalshi, starting from prediction markets, are adding perpetual futures trading to improve the utilization of locked collateral, representing a continuation of this convergence trend.
- Key Elements:
- The Robinhood model validates the feasibility of asset integration: In Q4 2024, its cryptocurrency revenue became the largest single revenue source. Although crypto revenue declined in Q4 2025, total revenue remained stable, demonstrating that diversification enhances resilience against risk.
- Polymarket and Kalshi announced in April 2026 the launch of perpetual futures trading, with underlying assets covering cryptocurrencies, commodities, and stocks, aiming to activate idle locked collateral within prediction markets through trading.
- Collateral in prediction markets is locked until the outcome is determined. How to utilize these idle assets will become a core point of competitive differentiation. Polymarket's move is an extension of the strategy to generate yield from locked capital.
- Generational shifts are driving the convergence trend: New-generation users are accustomed to interacting with multiple asset types simultaneously, and demand for integrated platforms will naturally grow as this demographic matures.
- As regulations open up, large financial institutions will gradually incorporate crypto spot trading and prediction markets, further blurring the lines between traditional finance, crypto, and prediction markets.
Key Takeaways
This report is authored by Tiger Research. Different asset classes are accelerating their convergence: stocks, cryptocurrencies, and prediction markets were once independent. Now, the trend of integrating all assets on a single platform is gaining speed. 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 attempt to convert these idle assets into yield.
Traditional finance is also converging in the same direction: New-generation users are accustomed to interacting with multiple asset classes simultaneously from a young age. As generations shift, the demand for integrated platforms will only grow, and large financial institutions will gradually incorporate crypto spot trading and prediction markets as the regulatory environment opens up.
On April 21, 2026, the two leading prediction market platforms, @Polymarket and @Kalshi, both announced the launch of perpetual futures trading on the same day. The trading instruments are expected to include cryptocurrencies like Bitcoin, commodities like gold, and stocks like Nvidia. Both platforms stated they will officially launch upon receiving regulatory approval.
Why Now
This can be understood through the "Robinhood model." The trend of integrating previously independent asset classes onto a single platform has been underway for some time; the announcements from Polymarket and Kalshi are merely a continuation of this trend.
Robinhood started as a stock trading app, added cryptocurrency trading in 2018, and introduced prediction markets in 2025, pioneering a model that consolidates fragmented trading markets under one platform.
This model has been validated by data. After expanding into crypto, crypto trading revenue became Robinhood's largest single revenue source in the fourth quarter of 2024. While crypto revenue declined 38% year-over-year in the fourth quarter of 2025, total revenue remained stable, with options, stocks, and prediction markets filling the gap. A resilient structure has been established through diversification.
Polymarket and Kalshi, on the other hand, are arriving at the same destination from the opposite direction. They originated from prediction markets and are now adding futures trading. The starting points differ, but the endpoints converge. With the Robinhood model validated, traditional finance is likely examining the same path.
A Simple Analogy
Smartphones integrated the functions of a camera, MP3 player, and navigation device into one. The era of carrying separate devices for each function is over. The same transformation is happening in finance.
Brokerage accounts, crypto exchanges, and prediction markets are merging into single platforms. Robinhood started as a stock app and successively added cryptocurrencies and prediction markets; Polymarket started from prediction markets and is now adding crypto perpetual contracts. Different origins, but the same direction.
The Generalization of the Robinhood Model
This trend will accelerate further with generational change. New-generation users have grown up simultaneously exposed to stocks, cryptocurrencies, and prediction markets. Just as smartphone users wouldn't accept carrying separate devices for a camera, MP3 player, and map, this generation finds the idea of using separate apps for each asset class foreign from the outset. The demand for an integrated platform that handles all assets within a familiar interface will naturally increase with each new generation.
This is the generalization of the Robinhood model.
Polymarket and Kalshi have a particular advantage in this model. Because collateral in prediction markets is locked until outcomes are determined, how to utilize these idle assets will become a key competitive differentiator.
On December 3, 2025, a developer proposed the concept of PolyAave: depositing Polymarket's outcome tokens into Aave liquidity pools to earn interest. This is an early attempt to transform 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 is sound.
Polymarket and Kalshi have taken the lead, but traditional finance faces the same pressure. As the regulatory environment gradually opens up, large financial institutions will directly support crypto spot trading and progressively incorporate new asset classes, including prediction markets.
