Tiger Research: Is the era of integrating all assets on a single platform coming?

Key Points

This report is written by Tiger Research. Different asset classes are accelerating their integration: stocks, cryptocurrencies, and prediction markets were once independent of each other. Today, the trend of integrating all assets on 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 outcomes are determined. Polymarket's launch of perpetual futures trading is likely aimed at converting idle assets into revenue.

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

On April 21, 2026, the two leading platforms in prediction markets, @Polymarket and @Kalshi, announced the launch of perpetual futures trading on the same day. The trading targets are expected to cover cryptocurrencies like Bitcoin, commodities like gold, and stocks like Nvidia. Both platforms stated they would officially launch after 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 from Polymarket and Kalshi are merely a continuation of this trend.

Robinhood originally started as a stock trading app, added cryptocurrency trading in 2018, and then introduced prediction markets in 2025, pioneering the model of integrating fragmented trading markets into one platform.

This model has been validated by data. After expanding its cryptocurrency business, cryptocurrency trading revenue became Robinhood's largest single source of income in the fourth quarter of 2024. Although cryptocurrency revenue decreased by 38% year-on-year in the fourth quarter of 2025, total revenue remained stable, with options, stocks, and prediction markets filling the gap. A resilient structure achieved through diversification has already taken shape.

Polymarket and Kalshi, on the other hand, are starting from the opposite direction, heading toward the same endpoint. They originated from prediction markets and are now adding futures trading. Different starting points, but the same endpoint. As the Robinhood model is validated, traditional finance is likely exploring the same path.

Simple Analogy

Smartphones have integrated cameras, MP3 players, and navigation functions into a single device, marking the end of an era where different devices were carried separately. The same transformation is happening in finance.

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

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 simultaneously from a young age. Just as smartphone users would not accept separate devices for cameras, MP3s, and maps, this generation finds the practice of using separate apps for each asset class unfamiliar from the start. The demand for an integrated platform that can handle all assets in a familiar interface will naturally grow with each generation.

This is the generalization of the Robinhood model.

Polymarket and Kalshi have a particular advantage in this model. Because the collateral in prediction markets is locked before 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 convert prediction market collateral into DeFi yields. Polymarket's launch of perpetual futures is likely an extension of this logic. The strategy of not letting locked capital remain idle is reasonable.

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 cryptocurrency spot trading and gradually absorb new asset classes, including prediction markets.