kalshi03

what's kalshi?

Kalshi is a federally regulated prediction market platform that enables users to trade contracts on the outcomes of real-world events, such as elections, economic indicators, and cryptocurrency prices. Founded in 2018, it operates as a U.S.-based exchange approved by the Commodity Futures Trading Commission (CFTC), allowing participants to speculate on yes/no questions with cash-settled contracts. The platform has achieved significant growth, processing billions in trading volume and recently surpassing competitors like Polymarket to become the world's largest prediction market by volume. In October 2025, Kalshi raised over $300 million in a Series D funding round led by Sequoia Capital and Andreessen Horowitz, valuing it at $5 billion and fueling plans for global expansion to over 140 countries. Key features include seamless crypto integrations for deposits via Solana and Avalanche, real-time market data, and partnerships with platforms like Robinhood to broaden accessibility. While no native token has been launched, the platform is actively engaging crypto influencers and hinting at potential airdrops to incentivize user growth in Q4 2025.

Snapshot

Kalshi reached 10.7M Jan visits, gained an NBA investor, $23M Giannis volume, and new partnerships.

6H ago
ONCHAIN METRICS

Achieved over $1 billion in total trading volume across Pre-TGE prediction topics, with 16 individual topics exceeding $10 million each.

MARKET ACTIVITY

Listed on Binance pre-market futures contracts.

ONCHAIN METRICS

Holds approximately 30% market share of the prediction market sector as of February 2026.

MARKET ACTIVITY

Added to Coinbase listing roadmap.

15H ago
ONCHAIN METRICS

Over 80% of platform activity consists of sports-related prediction markets.

1D ago
ONCHAIN METRICS

Reached $2.59 billion in notional volume for the week ending February 27, 2026.

ONCHAIN METRICS

Processed 17.63 million transactions for the week ending February 27, 2026.

ONCHAIN METRICS

Reached $1.4 billion in weekly trading volume for the week ending February 27, 2026.

ONCHAIN METRICS

Recorded 9.9 million transactions during the week ending February 27, 2026.

PARTNERSHIP

Integrated with Omina Bot, a Telegram-based mobile trading terminal for instant execution, market discovery, and portfolio tracking.

VISIBILITY EVENT

Mentioned as an example of a prediction market platform that has proven demand, convenience, and value of information markets alongside Polymarket.

2D ago
REGULATORY

200 insider trading probes have been opened on Kalshi.

MARKET ACTIVITY

Contributes approximately 85 to 90 percent of the $44 billion total prediction market notional volume achieved in 2025, alongside Polymarket.

REGULATORY

Beast Industries employee accused of insider trading on Kalshi.

TECH EVENT

Tokenized through DFlow's infrastructure as part of DFlow's rapid deployment initiative in 2025.

3D ago
REGULATORY

Fined and suspended MrBeast editor $20,000 for insider trading on show content using non-public video details and YouTube streaming markets; disciplined a former California governor candidate.

TEAM UPDATE

Hired Andy Ross as a senior executive, who previously served as Global Head of Prime Financing at Standard Chartered and held senior roles at Morgan Stanley including Head of OTC Clearing for Europe.

4D ago
REGULATORY

Removed non-employee X Account Affiliated Badges from external partners, promoters, and community members on February 24, 2026, in response to X's new paid promotion disclosure policy.

MARKET ACTIVITY

Offers prediction markets on U.S. crypto market structure legislation, with odds at 75% for passage before 2027 as of February 23, 2026.

1W ago
ONCHAIN METRICS

Reached 44.12 million total transactions as of February 20, 2026.

ONCHAIN METRICS

Achieved $6.50 billion in trading volume during the week ending February 20, 2026.

ONCHAIN METRICS

Reached $2.59 billion in notional volume for the week ending February 24, 2026, a 6.75% increase.

PARTNERSHIP

Integrated with Dome API (acquired by Polymarket), providing unified prediction markets data access through API and SDK.

PARTNERSHIP

Partnered with Tradeweb, which takes a minority stake and integrates prediction market data across its platform with $2.6T in daily trading volume, for its rates and credit platform.

ONCHAIN METRICS

Reached $125M trading volume on 2026 LPL Championship prediction topic, with individual strikes exceeding $1M.

VISIBILITY EVENT

Referenced in Federal Reserve FOMC minutes as a source for macro probabilities and economic forecasts, outperforming Fed funds futures and professional economist surveys, matching actual fed funds rate on every FOMC meeting day since 2022.

REGULATORY

Faces lawsuit from Nevada gaming regulators seeking to block unlicensed wagering operations in Nevada.

REGULATORY

Received preliminary injunction from Tennessee judge blocking state enforcement actions, with court determining sports contracts qualify as swaps under federal jurisdiction. CFTC filed amicus brief with Fundstrat support.

ONCHAIN METRICS

Polymarket surpassed Kalshi in trading volume, achieving $1.13 billion over a 7-day period.

ONCHAIN METRICS

Reached 17.38 million transactions for the week ending February 20, 2026.

2W ago
MARKET ACTIVITY

Susquehanna entered as a market maker, delivering a 30x liquidity increase and compressing spreads to sub-3 cents.

RISK ALERT

Server crashed and became corrupted on February 14th, requiring a complete rebuild before resuming operations with funds.

RISK ALERT

Resolved a Super Bowl Anthropic advertisement market against users who correctly predicted the ad would air, excluding the ad from counting because it lacked Anthropic's logo despite the ad running, generating approximately $1.2 million in trading fees while users collectively lost around $2 million.

FINANCIAL EVENT

Implements new weekly claimable reward boxes for traders, with eligibility based on trading activity, partner campaigns, and referrals.

PARTNERSHIP

Integrated with Chance platform, offering weekly rewards and prediction markets alongside Polymarket and Opinion Labs. Offers $KALSHI token airdrop rewards as part of a five-token airdrop program.

ONCHAIN METRICS

Open interest reached $467 million as of February 20, 2026, and holds $481 million as of February 27, 2026.

ONCHAIN METRICS

Recorded 54.52 million transactions in January 2026, the highest among prediction market platforms.

PARTNERSHIP

Partnered with sports insurance broker Game Point Capital, which issues hundreds of millions in sports insurance annually and will use Kalshi markets to hedge sports insurance contracts.

ONCHAIN METRICS

Achieved liquidity depth of $22 million on sports markets during the Super Bowl, allowing that size trade without meaningfully moving the price.

ONCHAIN METRICS

Culture markets account for approximately $38.3M (7.1%) of total open interest.

VISIBILITY EVENT

Featured in an Odd Lots podcast interview discussing prediction markets and regulation with the new CFTC Chairman alongside Polymarket.

VISIBILITY EVENT

Hiring for multiple open positions across the organization.

ONCHAIN METRICS

Open interest crossed $1 billion for the first time.

REGULATORY

Sports markets face a 30-day geofence deadline.

ONCHAIN METRICS

Reached $2.80B notional volume for the week ending February 15, 2026, a 27.41% increase from the prior week.

VISIBILITY EVENT

Featured in Paradigm's prediction market landscape tool with historical volume tracking and topic visualization. Listed by CertiK research among top prediction market platforms by liquidity clustering alongside Polymarket and Opinion, covering 2025 market activity.

REGULATORY

Operates legally in 42+ states in the United States.

PARTNERSHIP

Jump Trading acquires equity stakes in Kalshi and Polymarket as part of a bankruptcy settlement involving the FTX estate.

PARTNERSHIP

Jump Trading acquires stake in Kalshi, providing market-making services and liquidity.

ONCHAIN METRICS

Achieved all-time volume record with over $868,000,000 in a single day on 2026-02-08.

PARTNERSHIP

Received equity investment from Jump Trading for market-making liquidity, earning a fixed equity percentage stake.

MARKET ACTIVITY

Settled a Cardi B performance market with Yes shares paying out 26 cents and No shares paying out 74 cents.

ONCHAIN METRICS

Recorded over $1.2 billion in trading volume across Super Bowl LX markets.

TECH EVENT

Rolled out a major app update.

PARTNERSHIP

Integrated with Phantom wallet to enable prediction markets directly within the wallet interface.

PARTNERSHIP

Integrated with derp_trade to enable trading on Kalshi markets with up to 5x leverage on Solana.

3W ago
ONCHAIN METRICS

Reached 10.7 million website visits in January 2026.

PARTNERSHIP

An active NBA superstar became an investor in the platform.

ONCHAIN METRICS

Reached $23 million in trading volume on "Giannis trade talks" prediction market.

PARTNERSHIP

Partnered with Sleeper to bring Kalshi markets to 10 million more people.

TEAM UPDATE

Added Brian Nelson, former Under Secretary of the Treasury for Terrorism and Financial Intelligence, as counsel on financial compliance and market integrity.

PARTNERSHIP

Partnered with Solidus Labs to integrate institutional-grade behavior monitoring and pattern recognition tools into market surveillance systems.

TEAM UPDATE

Added Daniel Taylor, Director of Wharton Forensic Analytics Lab, as advisor to help investigate insider trading cases.

FINANCIAL EVENT

Raised $1B in funding.

PARTNERSHIP

Integrated into CNBC, CNN, and other news channels and media platforms.

RISK ALERT

Deleted a post that incorrectly implied the US was in talks with Denmark to buy Greenland during Trump's Greenland pursuit.

VISIBILITY EVENT

Announced free grocery giveaway for New Yorkers at West Wide Market on February 3rd at 12PM ET.

OPINION SPECULATION

Ranked in Tier A of a subjective 2026 airdrop tier list based on usage and social sentiment.

ONCHAIN METRICS

Achieved $9.55 billion notional volume for January 2026, leading all prediction markets.

1M ago
PARTNERSHIP

Integrated with Pear Protocol to enable Kalshi markets to be used as triggers for trades on Pear Protocol.

PARTNERSHIP

Integrated with TRON as part of TRON's key integrations portfolio.

ONCHAIN METRICS

Holds 60% market share in prediction markets as of February 10, 2026, ranking as the second-largest by volume behind Polymarket and ahead of opinionlabsxyz.

PARTNERSHIP

Integrated with Coinbase and Robinhood for prediction market trading across all 50 US states.

TEAM UPDATE

Opens a new Washington DC office to bolster US lobbying efforts.

PARTNERSHIP

Built within the Bags App ecosystem.

TOKEN ECONOMICS

Revenue from token launches on bloxxfun launchpad is used to buy back KLVS tokens.

PARTNERSHIP

Integrated with Pumpcade beta browser extension alongside Polymarket and Pump Fun, enabling volatility markets and market data access.

VISIBILITY EVENT

Listed a prediction market for Moonbirds BIRB's fully diluted valuation one day after the token's launch.

PARTNERSHIP

Partnered with dflow to power WIDI, a real-time prediction hub launched by WIDITDOTFUN on Solana.

PARTNERSHIP

Integrated as a prediction market data provider for Upshot Cards, a gamified prediction card platform where users open mystery packs and win prizes.

FINANCIAL EVENT

Launched IPO with tokenized shares tradable through Assetdash.

PARTNERSHIP

Integrated with Dynamic and Claude Code to enable building prediction markets using their combined tools.

REGULATORY

A Massachusetts Superior Court is preparing to issue a preliminary injunction to stop Kalshi from offering sports-related event contracts in Massachusetts, with the court agreeing that Kalshi may be violating U.S. and Massachusetts sports-betting laws by operating without a required Sports Wagering Law license.

PARTNERSHIP

Integrated with FutureDAO's AI agent swarm for automated prediction market trading, with the DAO raising funds via presale starting January 19, 2026 to trade on Kalshi markets.

ONCHAIN METRICS

Reached $2.01B in notional trading volume for the week ending January 16, 2026.

ONCHAIN METRICS

Recorded 11.08M transactions for the week ending January 16, 2026.

ONCHAIN METRICS

Reached $538.0M in total open interest as of February 2026, up from $394.2M as of January 16, 2026.

VISIBILITY EVENT

Running marketing campaigns through TikTok ads promoting betting markets.

PARTNERSHIP

Serves as a trading platform for DRW's prediction market trading team, with DRW offering base salaries up to $200,000 for traders to monitor and trade on the platform in real-time.

MARKET ACTIVITY

Provides preferential terms to market makers including lower fees, special trading limits, and more convenient trading channels, though specific terms are not publicly disclosed.

ONCHAIN METRICS

Trading volume comprises 91% sports-related markets.

PARTNERSHIP

Signed Bryson DeChambeau (2x Major Champion golfer) as first athlete and ambassador, with content integration featuring Kalshi markets to his audience of millions.

TEAM UPDATE

Announced Democrat Ambassador Sean Patrick Maloney will lead as CEO and President of the Prediction Market Coalition, with Republican House Financial Services Chair Patrick McHenry as Senior Advisor.

REGULATORY

Kalshi participated in the CFTC's CEO Innovation Council formed in late 2025 under Acting Chair Caroline Pham to discuss tokenization, blockchain infrastructure, and market structure innovations.

VISIBILITY EVENT

Referenced during the Golden Globes broadcast, marking mainstream media visibility alongside Polymarket for prediction markets.

PARTNERSHIP

ICE (NYSE owner) backing the platform according to Delphi Digital's year ahead report.

ONCHAIN METRICS

Reached $5.68M in total volume over the past 24 hours.

ONCHAIN METRICS

Reached $455M in trading volume on January 10, 2026.

REGULATORY

Received cease-and-desist order from Tennessee regulators requiring halt of sports event contracts to Tennessee residents, voiding of open contracts, and refund of deposits by 2026-01-31, with regulators classifying such contracts as unlicensed sports betting under Tennessee law.

VISIBILITY EVENT

Makes debut on Setter Capital's Q4 2025 list of the 30 most in-demand startup secondary shares.