Kalshi’s 15‑Minute Gold Markets Overtake Ether in September

Overview

• Predict Charts data for September showed Kalshi’s newly launched 15-minute gold contracts reached about 542 million trades, surpassing Ethereum’s roughly 318 million contracts and generating an estimated $5 million in fees versus $2.6 million for Ether.
• Bitcoin remained the platform leader, with Predict Charts estimating about $60.4 million in fees from 15-minute Bitcoin markets in September, far outpacing both gold and Ether.
• InGame data for the seven days through Oct. 5 found 15-minute markets produced $20.4 million in fees, and short-duration contracts made up about 13% of volume while accounting for roughly 20% of total fees and about 80% of non-sports fees that week.
• Kalshi said commodity markets reached $400 million in cumulative trading volume within seven months, the company has filed for perpetual contracts tied to metals, and reports say it is in talks to raise about $1 billion at a near $40 billion valuation though any financing remains unconfirmed.
• Kalshi’s fee model charges more on contracts trading near even odds, which explains why many rapid 15-minute markets yield outsized fee revenue and could drive the company to focus more on short-duration commodity and crypto products going forward.