News & Updates
The latest news and updates from companies in the WLTH portfolio.
Polymarket Launches Perpetual Oil Futures in 24/7 Trading Push
(Bloomberg) -- Polymarket has launched perpetual futures contracts tied to oil, stepping into a market that rival Kalshi Inc. is also seeking to enter as trading venues compete to offer round-the-clock access to the commodity. Most Read from Bloomberg The company announced the launch Thursday as part of a broader rollout of perpetual futures spanning crypto, stocks and commodities including gold and silver. Among them are two never-expiring contracts linked to the Brent and West Texas Intermediate oil benchmarks, a type of derivative facing scrutiny over its potential impact on price discovery in physical markets. The launch comes a day after it was reported that Kalshi is seeking regulatory approval for its own perpetual futures contract linked to West Texas Intermediate oil. If approved, it would be the first contract of its kind to trade on a regulated US platform. Polymarket's contracts will trade offshore and won't be available to US-based traders, putting the venue in more direct competition for now with exchanges including Hyperliquid and Binance. Perpetual futures are derivatives with no expiration date and built-in leverage, allowing customers to amplify the risk they take with each trade. The contracts surged in popularity during the Iran war as one of the few ways to trade oil while traditional futures markets were closed and have since become a flashpoint in the debate over whether weekend trading can influence prices once traditional markets reopen. There are other key differences between the Polymarket and Kalshi offerings. Unlike Polymarket's nonstop contract, Kalshi's oil-linked contract would trade 24 hours a day, five days a week. The structure was designed to address regulatory concerns raised in a Commodity Futures Trading Commission review of trading outside regular market hours, Bloomberg previously reported. Polymarket first telegraphed plans for the launch in April, though it was unclear at the time whether oil would be among the offerings. The contracts will allow traders to use up to 20 times leverage, according to a social media post by the venue. The ability of retail traders to take on outsized risk has been a key concern surrounding perpetual futures.
Polymarket Vows Insider Trading Crackdown as Traders Bet $12M on CLARITY Act
* Polymarket says it is strengthening its systems for identifying insider trading and other suspicious activity ahead of the US midterm elections. * Nearly $12 million has been traded on whether the CLARITY Act will become law in 2026, although traders currently give it only a 15% chance. * Rival Kalshi has permanently banned former congressman George Santos over trades linked to his own State of the Union attendance. Polymarket has pledged to intensify its crackdown on insider trading and other market misconduct as millions of dollars flow into politically sensitive prediction markets. The company's new investigations chief said it has surveillance systems capable of identifying abnormal trading ahead of the US midterm elections, when lawmakers expect activity on political contracts to surge. The assurances arrive as traders wager nearly $12 million on whether the CLARITY Act will become law before the end of 2026. Polymarket Chief Says Platform Can Detect Suspicious Trades Polymarket is preparing to disclose more information about the systems it uses to protect the integrity of its markets. The company's monitoring operation combines machine learning with blockchain analytics, open-source research and conventional trade surveillance, according to Reuters. Bautista, a former FBI investigator who joined the company in June, said she was confident Polymarket would provide the resources required to police its platform. She added that the company already had systems capable of detecting anomalous activity ahead of the midterms. Polymarket's international platform does not publicly reveal the identities behind individual accounts. However, its blockchain system creates a visible record of wallet transactions that investigators can examine. That information can help the company detect unusual trading patterns or connections between apparently separate accounts. Bautista told Reuters that Polymarket had referred more than 100 matters to law enforcement. Among the examples she cited was an account allegedly used by a US soldier to place trades connected to the capture of Venezuelan leader Nicolás Maduro. Polymarket has faced separate questions over Americans accessing its international service. The CFTC penalized the company in 2022 for offering event contracts without obtaining the required registration. The resulting settlement required Polymarket to prevent US customers from using that platform. It later regained access to the US market by purchasing a federally registered exchange, which operates as the separate Polymarket US business.