Key Highlights
- Kalshi’s monthly trading volume has approached $10 billion, according to DefiLlama.
- The platform has recorded more than $35 billion in 30-day notional trading volume.
- The growth comes as prediction markets continue gaining traction despite ongoing regulatory scrutiny.
Prediction market platform Kalshi has reached another trading milestone, with its monthly volume nearing $10 billion, according to data from DefiLlama.
According to DeFilama, the latest figures show Kalshi processing approximately $10.19 billion in trading volume over the past 30 days, alongside $35.06 billion in notional trading volume. Open interest on the platform currently stands at around $1.41 billion, while the company has raised approximately $2.69 billion since its launch.
The data highlights the growing use of regulated event contracts as prediction markets continue expanding across sports, politics, economics, cryptocurrencies, and real-world events.
Trading growth has accelerated over the past year
DefiLlama’s historical data show that Kalshi’s trading activity remained relatively modest for several years before accelerating sharply in late 2025 and into 2026. Monthly trading volume has steadily increased in recent months, approaching the $10 billion mark, making Kalshi one of the largest platforms in the prediction market sector.
The increase comes as more retail traders and institutional participants use event-based contracts to speculate on market outcomes or hedge against real-world risks.
Sports expansion drives mainstream adoption
Kalshi’s recent growth follows several strategic moves aimed at expanding its presence in sports prediction markets.
In late June, the company became an official partner of the FIFA World Cup 2026, marking one of the most significant mainstream partnerships for a regulated prediction market platform. At the time, Kalshi said it had processed more than $112 billion in cumulative sports-related trading volume, with monthly volumes climbing into the tens of billions of dollars during 2026.
The partnership reinforced Kalshi’s position as one of the fastest-growing players in the sector while introducing regulated event contracts to a broader global audience.
Regulatory debate continues
Kalshi operates as a CFTC-regulated event derivatives exchange, allowing users to trade contracts tied to the outcome of future events rather than traditional financial assets. Unlike conventional sportsbooks, the company maintains that its products are federally regulated derivatives, a position that has placed it at the center of an ongoing regulatory dispute in the United States.
Despite this, several U.S. states have challenged Kalshi’s sports-related markets, arguing they function as unlicensed gambling products. Kalshi, however, continues to assert that its contracts fall exclusively under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
The debate has also drawn industry support. Earlier this month, The Digital Chamber filed an amicus brief backing the CFTC’s authority over federally approved prediction markets, arguing that allowing individual states to override federal oversight could create uncertainty across U.S. derivatives markets.
As lawsuits involving Kalshi and other prediction market operators continue, the outcome of these legal battles is expected to play a key role in shaping the future regulatory framework for the industry.
Institutional interest continues to build
Kalshi’s trading growth also comes amid rising institutional interest in the broader prediction market industry.
In recent weeks, Payward, Kraken’s parent company, led a funding round for Onyx Odds, describing prediction markets as one of the fastest-growing categories in financial services. Other firms across both traditional finance and crypto have also begun exploring event-based trading infrastructure as adoption continues to expand.
The combination of rising trading activity, increasing institutional investment, and ongoing legal scrutiny suggests prediction markets are evolving beyond a niche segment of crypto into a broader part of digital financial markets.
Prediction markets enter their next phase
While regulatory uncertainty remains, Kalshi’s latest trading figures illustrate the sector’s continued momentum.
With billions of dollars now flowing through regulated event contracts each month, prediction markets are increasingly attracting both retail traders and institutional participants. How regulators ultimately classify and oversee these products may shape the industry’s next phase of growth as trading volumes continue to rise.
