Kalshi Records $3.9 Billion in Trading Activity as Parlays Drive Volume

Parlays drove $3.9 billion in trading activity on Kalshi, underscoring how contract structure can shape the prediction-market operator’s headline volume.

The total reflects contracts counted at their $1 notional payout value. It does not represent traders’ purchase prices or Kalshi’s revenue.

Kalshi’s markets include sports, commodities, crypto and financial events. During the seven days through Oct. 5, crypto, commodities and financial markets generated $20.4 million in fees, equal to 80% of the platform’s non-sports fees.

Those markets represented 13% of total trading volume and 20% of fees during the period, showing that volume and fee contribution varied across categories.

Kalshi’s last confirmed financing valued the company at $22 billion. Kalshi announced a $1 billion Series F on May 7 as annualized trading volume rose from $52 billion to $178 billion.

Kalshi was last valued at $22 billion in the May financing, while the latest activity figures show which market categories contributed to its fees.