Kalshi and Polymarket surpass $1.44 billion in September trading volume

Prediction market platforms Kalshi (Kalshi) and Polymarket (Polymarket) achieved a record monthly trading volume. With institutional capital flowing in, prediction markets are emerging as a new speculative market.

On the 13th (local time), The Block reported that Kalshi and Polymarket's combined September trading volume reached $1.44 billion, a record high.

In particular, Kalshi secured a 60% market share in September, overtaking Polymarket, which had been the market leader. Kalshi's surge in trading was influenced by its partnership with Robinhood. The two companies recently integrated a sports betting feature into the Robinhood app, allowing Kalshi to reach a large retail investor base.

Fundraising has also been active. Polymarket received a $2 billion investment from Intercontinental Exchange (ICE), valuing the company at $9 billion. Kalshi received a $300 million investment, valuing it at $5 billion.

The two platforms have different structures. Kalshi operates off-chain, so trading data can only be accessed via API, while Polymarket is on-chain, with all markets and positions published on the blockchain. Experts evaluated that "Polymarket leads in terms of transparency, but Kalshi is rapidly growing in terms of accessibility and expanding its user base."