Kalshi has extended its record-breaking streak as trading activity across its prediction markets continues to accelerate.
The platform’s growing volume reflects increased participation in sports combinations and short-term cryptocurrency contracts.
Meanwhile, trading frequency has reached new heights, widening Kalshi’s lead over competing prediction platforms. However, a closer look at the figures reveals which markets drive the latest surge.
Kalshi trading volume hits $21.5 billion as weekly trades reach 106.6 million
Kalshi recorded $21.5 billion in trading volume during the week ending October 18, according to Artemis data. The figure marked the platform’s 10th consecutive week of record trading volume.
Meanwhile, weekly trades reached 106.6 million, crossing the 100 million milestone for the first time.
The total exceeded rival Polymarket’s 31 million weekly trades by more than threefold, highlighting the gap between the two platforms.
Artemis data showed that markets labeled “without sports” generated $17.6 billion, representing approximately 82% of Kalshi’s total weekly volume.
NFL contracts contributed around $860 million, accounting for 4% of trading activity. Meanwhile, political markets attracted just $13.1 million despite the approaching U.S. midterm elections.
However, Kalshi’s classification of trading categories requires closer examination, particularly its treatment of sports combinations.
Sports combos drive $14.35 billion in Kalshi trading activity
Kalshi categorizes combination contracts separately from traditional sports markets. Its API documentation places these products under an “Exotics” category.
Artemis does not specify which contracts fall within its “without sports” classification. Consequently, the data alone cannot establish the category’s exact composition.
However, Ticker Tracker provides a more detailed breakdown of Kalshi’s weekly trading activity.
According to its figures, combination contracts generated $14.35 billion between October 12 and October 18. That represented approximately 67.2% of total platform volume.
Single-market sports contracts contributed another $3.98 billion, including $860 million from NFL markets but excluding NFL combinations.
Removing single-market sports from Ticker Tracker’s total leaves approximately $17.4 billion, close to Artemis’ $17.6 billion figure.
These figures indicate that combination contracts account for much of Kalshi’s trading volume outside conventional sports classifications.
Moreover, combination markets support frequent retail trading, with many contracts carrying prices below one cent.
Crypto trading reaches $2.6 billion while election markets lag
Cryptocurrency contracts also contributed significantly to Kalshi’s record weekly trading volume.
Crypto markets generated approximately $2.6 billion, establishing a new weekly high for the category.
Much of that activity came from 15-minute up/down contracts covering Bitcoin, Ethereum, XRP, Solana, and other cryptocurrencies.
These contracts operate around the clock, with each asset offering 96 trading intervals daily.
As a result, cryptocurrency markets provide continuous trading opportunities between major sporting events.
The frequent settlement cycles also help explain Kalshi’s sharp increase in weekly transaction counts.
Meanwhile, political trading remained comparatively limited despite the November 3 U.S. midterm elections approaching.
Artemis reported approximately $13.1 million in political trading volume, representing just 0.06% of the weekly total.
Although political activity has increased slightly in recent weeks, it remains below previous spikes exceeding $75 million.
Kalshi’s latest records reflect trading activity concentrated in combination contracts and cryptocurrency markets rather than election outcomes.
