Kalshi and Polymarket hit $8.56 billion in two-day trading volume

Prediction market platforms Kalshi and Polymarket reportedly achieved a combined two-day trading volume of $8.56 billion, setting new consecutive daily records. Their combined weekly volume reached $22.2 billion.

This surge in activity is attributed largely to American football, specifically NFL and NCAA events, alongside markets tied to Federal Reserve decisions and pop culture. The scale of this activity places these venues alongside mid-tier derivatives exchanges in terms of raw turnover, though the volume represents the notional value of contracts rather than net revenue or settlement value.

The high volume has drawn attention to market structure and regulation. Kalshi has faced scrutiny regarding how its volume statistics are constructed and whether they reflect genuine two-sided liquidity. To address concerns, Kalshi utilizes liquidity programs and controls to prevent self-trading, while Polymarket employs blockchain analysis and automated models to monitor for manipulative conduct such as wash trading or spoofing.