Kalshi Sets Two Daily Notional Volume Records With Combos Near 75%

Kalshi set consecutive daily notional-volume records on Nov. 7 and Nov. 8, with combination contracts contributing roughly three-quarters of activity and lifting the exchange above its previous October peak.

The exchange recorded $5.33 billion in notional volume Nov. 7 and $5.36 billion Nov. 8. Both totals topped its prior daily high of $5.30 billion on Oct. 24. The figures cover calendar days measured in Eastern time.

On Nov. 7, combos accounted for about $4.03 billion (75.6%) of volume; on Nov. 8, they accounted for about $4 billion (74.6%). Each combo combines multiple event outcomes in one position. Kalshi offers them across sports, entertainment and other categories, so the overall combo totals do not show how much of either day’s volume involved sports.

Notional volume values contracts at their maximum $1 payout. It does not show how much customers paid to acquire their positions or how much revenue Kalshi earned. That distinction matters when a large share of activity comes from combination contracts, since the notional totals are not equivalent to customer spending.

Across prediction markets, October volume reached $123.3 billion, with Kalshi accounting for $98.2 billion.

The product mix also figures in Kalshi’s dispute with New York over state regulation of sports contracts. In a Nov. 6 court brief supporting New York gaming officials, the American Gaming Association argued that Kalshi’s sports contracts include bets comparable to parlays. Kalshi maintains that its sports-event contracts are subject to exclusive federal oversight.

The Second Circuit denied Kalshi an injunction pending appeal on Nov. 3. That order did not decide the underlying dispute, which remains unresolved.