Kalshi 30-Day Trading Volume Tops $100BN

Prediction market giant Kalshi is gunning for every record in the book, starting this month with over $100 billion in 30-day trading volume.

Total trades were at $108 billion for the 30 days prior to Nov. 10. That was an increase of 52% month-over-month. According to the latest data, total volume for the year 2026 to date stands at $376 billion.

Daily trading volume at Kalshi is also on the upward curve. Kalshi traders exchanged over $5.3 billion in contracts for each day at the weekend, the first time that’s happened.

Sports Contracts Help Lift Kalshi Spirits

The latest TickerTracker data on how prediction markets operate shows signs of growth for Kalshi. The figures recorded for Nov. 7 and 8 far outstrip anything seen during even the summer World Cup.

The home World Cup in the U.S., Canada and Mexico was seen as a watermark for where prediction markets and their sports contracts were.

However, even in the middle of the World Cup, with the U.S. team performing well, total daily trading volume was hovering around $1.4–$1.8 billion.

The new NFL season has seen daily volumes hit the $2 billion mark, with October and November seeing those totals nudge the $3.5–$4 billion mark.

Kalshi’s Year: Key Daily Volume Milestones

• 11: $465 million
• 17: $535 million
• 12: $552 million
• 25: $700 million
• 13: $1.2 billion
• 18: $2.1 billion
• 7: $5.3 billion
• 8: $5.3 billion

(Source: TickerTracker)

Combos Contribute

A deeper dive into Kalshi’s numbers reveal the effect of sports and combos on the company’s total trades. It’s a lethal combination that prediction markets are increasingly using, but it’s causing legal havoc in the courts.

Taking Nov. 8 (total volume $5.3 billion), sports accounted for $928 million in total trades, compared to $392 million for cryptocurrency. Elections betting was way down the list at $10 million.

However, combo betting accounted for well over three quarters of that day’s volume at $3.9 billion.

Kalshi introduced combos late last year and work like parlays. Traders can combine multiple legs in one trade, with each event having to come in for the combo to pay. Robinhood followed suit in January with similar “Custom Combos”.

15-Minute Crypto Trades Also Help

Cryptocurrency trading was also up at Kalshi, with over $350 million in daily volume recorded.

Kalshi introduced 15-minute trades on cryptos earlier this year, including Bitcoin and Ethereum. Over half of crypto trading on Kalshi and other markets are on these quickfire markets, but Kalshi still takes a fee on every trade. The trading volume contributes to the prediction market’s figures.

Those types of trades are likely to remain, especially in states that have leaned on Kalshi to remove sports contracts.

No End to Prediction Markets’ Legal Battles

Kalshi’s upturn in fortunes is being played out in stark contrast to its ongoing battles in the courts.

States with legalized sports betting – which now accounts for most of the U.S. – are battling Kalshi and others for what they see as an encroachment on their turf.

Illinois is the latest state to try and regulate prediction markets. However, it has been blocked from applying its own gambling laws. Illinois is now appealing the ruling.

Meanwhile, Polymarket removed its sports contracts from its platform in Michigan following a deal with state regulators. Wisconsin has also had success, winning a ruling against Kalshi’s regulator, the CFTC, over charges of non-state-regulated gambling.

AGA: ‘Combos are Parlays’ 

It’s the exchange’s move toward sports betting-style combos that’s attracting the attention of regulators.

The American Gaming Association filed an amicus brief in the Second Circuit court at the weekend in support of New York’s argument that sports contracts equate to sports betting.

In its brief, the AGA rejected Kalshi’s assertion that sports contracts are the same as financial “swaps” that carry an economic consequence.

That is like saying, the AGA commented, “that drinking coffee is associated with winning the lottery just because someone once bought a winning Powerball ticket during their daily trip to the local bodega.”