Predication

The prediction market sector has undergone a 22x fee transformation since January 2024. Monthly fees grew from $1.8M (Jan 2024) → $7.4M (Dec 2025) → $18.1M (Jan 2026) → $40.5M (Apr 2026 all-time high). The September 2025 inflection was crypto-momentum driven; by Q1 2026, geopolitics (tariffs, Iran, Ukraine ceasefire) took over as the primary volume engine. Monthly trading volume across platforms crossed $20B+ in early 2026 with 800,000+ unique wallets. Polymarket and Kalshi together command >97.5% market share — but challenger protocols like Limitless Exchange (+180% 30D) are accelerating fast. Institutional capital now accounts for ~55% of deployed funds, marking the segment's evolution from niche crypto experiment to mainstream financial primitive (Polymarket CEO appeared on 60 Minutes; live odds now embedded in Google Finance).

Polymarket is the undisputed leader, capturing ~91% of 30-day fees ($35.4M of $38.8M total). Its TVL stands at $447M, driven by political, sports, and geopolitical markets. Limitless Exchange is the fastest-growing challenger at +180% 30D fee growth — its $2.4M in 30D fees is still small but the trajectory is steep. Opinion leads all-time non-Polymarket fees at $17.7M but has decelerated to $153K/30D. PancakeSwap Prediction ($10.4M all-time) is declining (-13% 30D). Azuro serves as betting middleware infrastructure, operating across 6 chains. The market is consolidating further, not diversifying.

Polymarket is the dominant on-chain prediction market with $447M in TVL and over $59M in all-time fees (international arm alone). Its 30D fees grew +54.6% while the US arm grew +14.4% — reflecting continued global expansion. Notably, the US arm's revenue dropped -54.6% 30D despite fee growth, suggesting fee structure changes or increased LP payouts. A single market — "Will the US strike Iran by Feb 28, 2026?" — attracted $73M, the largest geopolitical contract in Polymarket's history.

Limitless Exchange (Base): The fastest-growing prediction market at +180% 30D fees ($2.4M). Features hourly and daily market depth with >$600M cumulative volume. Has its own token ($LIMIT, geckoId: limitless-3) with P/F and P/S ratio tracking available. Azuro Protocol: Deployed across 6 chains (Arbitrum, Base, Chiliz, Gnosis, Linea, Polygon), functioning as betting middleware infrastructure. +101.6% 30D fee growth. Overtime: The sports prediction specialist on 6 chains, offers options-style markets. Has token ($OT) with holder revenue distribution. Predict Fun (Blast/BSC): +34.7% 30D growth with $14.4M TVL. New entrants (May 2026): OddMaki launched permissionless CLOB infrastructure on Base; Drift BET is scaling on Solana with perpetual-style prediction markets.

Sortable table of all prediction market protocols tracked by DefiLlama — with fees, revenue, TVL, and growth metrics across all time windows.