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Kalshi

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Key Metrics

DEX Volume 30d$17.472b
DEX Volume 30d by chain

Off Chain$17.472b

DEX Volume 7d$4.568b

Off Chain$4.568b

DEX Volume 24h$740.52m

Off Chain$740.52m

Cumulative DEX Volume$104.46b

Off Chain$104.46b

DEX Notional Volume 30d$106.146b
DEX Notional Volume 30d by chain

Off Chain$106.146b

DEX Notional Volume 7d$28.836b

Off Chain$28.836b

DEX Notional Volume 24h$5.332b

Off Chain$5.332b

Cumulative DEX Notional Volume$391.756b

Off Chain$391.756b

Open Interest$2.018b

Total Raised$4.885b

Jun 25, 2025$185mRound: Series CInvestors: Paradigm, Sequoia Capital, Multicoin Capital, Neo, Bond

Oct 10, 2025$300mRound: Series DInvestors: Sequoia Capital, a16z crypto, Paradigm, CapitalG, Coinbase Ventures

Nov 20, 2025$1bRound: Series EInvestors: Paradigm, Sequoia Capital, a16z crypto, Neo, CapitalG, Anthos Capital

Mar 19, 2026$1bRound: Investors: Coatue

Apr 3, 2026$1.2bRound:

May 20, 2026$200mRound: Series FInvestors: Baillie Gifford, Layer Global

Oct 29, 2026$1bRound: Series GInvestors: Sequoia Capital, Wellington Management, Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Morgan Stanley Investment Management, Layer Global, Sequoia Global Equities, CapitalG, Hudson River Trading, Balyasny Asset Management

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Protocol Information

Kalshi is a CFTC-regulated event derivatives exchange where users trade binary contracts (yes/no) on real-world outcomes

WebsiteX/TwitterExchange profile
Category:Prediction Market

Methodology

DEX Volume: Volume of all spot token swaps on the DEXView code on GitHubNotional Volume: Notional volume of all trades on protocolView code on GitHub

Competitors

Polymarket International ($311.35m)Predict Fun ($10.15m)Rain ($8.85m)OPINION ($2.75m)Pascal ($2.06m)PredictStreet ($1.96m)Sport.fun ($1.89m)Levr Bet ($1.84m)Trueo ($1.77m)Liquidity House ($1.36m)

Frequently asked questions

What chains does Kalshi operate on?

Kalshi operates on Off Chain.

How does Kalshi's TVL compare to similar protocols?

Among Prediction Market protocols tracked by DefiLlama, Kalshi ranks #98 by TVL. The category holds $351.46m across 136 protocols, and Kalshi accounts for 0% of that total. Similar protocols include Polymarket International, Predict Fun, Rain, OPINION, Pascal, PredictStreet, Sport.fun, Levr Bet, Trueo, and Liquidity House.

How much trading volume does Kalshi process?

Kalshi processed $17.472b in DEX volume over the past 30 days.