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9h ago

Kalshi Overtakes Polymarket With Record October Volume

Token incentives and mainstream access are reshaping prediction markets, with Polymarket eyeing a U.S. return under ongoing regulatory scrutiny.

Polymarket hits aths in volume and traders driven by poly token announcement and u.s. re entry plans

Overview

  • Kalshi reported about $4.39–$4.4 billion in October notional volume, marking a monthly record and its first time surpassing Polymarket.
  • Polymarket logged roughly $3.02 billion in trades and more than 477,000 active traders, setting platform records for users and market creation.
  • Polymarket activity jumped after it announced a POLY token with an airdrop and said it is targeting a U.S. relaunch before the end of November.
  • Access models are diverging, with Kalshi integrated into Robinhood and not requiring crypto, while Polymarket continues to operate on-chain.
  • Investor interest is building, with reports of a potential $15 billion Polymarket fundraising and Bloomberg noting VC interest valuing Kalshi above $10 billion, even as both platforms saw October outages and face gambling-related regulatory scrutiny.