Prediction market platform Kalshi began 2026 with roughly $291 million in daily notional volume on January 1, doubling the $147 million recorded on December 1, 2025, a sign of continued momentum following a breakout year of twelvefold growth.
The strong start follows an explosive 2025 where the platform processed $23.8 billion in total notional volume, representing growth of more than 1,100% year-over-year, according to data published on X. The platform handled 97 million transactions in 2025, which represents a rise of 1,680%, and is higher than what it saw in 2024. Peak activity occurred on December 21, 2025, when daily notional volume hit $381.7 million, and transactions reached 1.5 million.
Kalshi attempts to build on its 2025 performance in 2026
December 2025 proved to be Kalshi’s strongest month, generating $6.38 billion in notional volume as sports betting dominated platform activity. The final week of December alone came up at around $1.7 billion in volume. Sports markets have emerged as a major driver of Kalshi’s expansion. Users traded contracts on outcomes across the NFL, NBA, College Football Playoff, and NHL.
Together with rival Polymarket, the two platforms have formed what analysts describe as a duopoly, generating more than $44 billion in combined trading volume throughout 2025. Polymarket did over $2.28 billion in trading volume in December, according to data from The Block. Kalshi has also received institutional investments from heavyweight investors, raising $1 billion in Series E funding at an $11 billion valuation.
The company has also secured partnerships with CNN and CNBC to integrate real-time market data into editorial coverage. In November, Google announced that it would integrate both Kalshi and Polymarket prediction market data on its search and finance platforms. Kalshi’s partnership with Robinhood has proven to be a successful move, as it is reportedly now accounting for more than half of Kalshi’s betting volume, providing access to millions of retail traders already familiar with event-driven speculation.
Given its January 1 performance, Kalshi may be closer to exceeding its 2025 daily peak of $382 million. However, sustaining such growth will depend on both market conditions and regulatory outcomes. The 2026 United States midterm elections may also impact Kalshi’s trajectory, as they give users the opportunity to make political bets, an activity that brought prediction markets, especially platforms like Polymarket, to the limelight during the 2024 presidential elections.
The coming event could either validate the sector’s mainstream potential or expose limitations in market depth and accuracy. Kalshi’s expansion beyond sports into politics, economics, and cultural events has helped to boost its appeal, but sports remain the core business. As traditional sportsbooks and cryptocurrency exchanges eye the prediction market space, competition is bound to get hot for a sector that has transitioned from a niche financial product to a mass-market phenomenon.
