Kalshi Weekly Open Interest reached a record $810 million during the past week, marking a significant milestone for the regulated prediction and derivatives platform.
Data from Artemis showed the figure rose about 28% from the previous week and surpassed the peak recorded in mid-May.
The increase highlights growing capital commitment on the platform and reflects changing trading activity following the introduction of a new product.
Unlike trading volume, which can fluctuate sharply over short periods, open interest measures the total value of active positions that remain open.
As a result, it provides a clearer view of how much capital traders continue to keep on a platform. Kalshi’s latest record suggests users are maintaining exposure for longer periods rather than entering and exiting positions quickly.
BTCPERP Launch Drives Open Interest Growth
A major factor behind the increase was the launch of BTCPERP on June 3. The product became the first Bitcoin perpetual futures contract regulated by the U.S. Commodity Futures Trading Commission.
Since perpetual futures do not have an expiration date, traders can keep positions open indefinitely, allowing open interest to accumulate over time.
Before introducing BTCPERP, Kalshi primarily offered event contracts tied to specific outcomes and settlement dates.
Those contracts automatically cleared from the books after resolution, limiting their ability to build sustained open interest.
The new perpetual structure changed that dynamic and created a mechanism for longer-term capital retention.
The impact became visible almost immediately. The launch provided traders with a regulated alternative for maintaining Bitcoin exposure while contributing to a sharp rise in outstanding positions across the platform.
Market Volatility Encouraged New Activity
The timing of the launch coincided with heightened volatility in the cryptocurrency market.
During the week, Bitcoin recorded its largest weekly decline of the year, falling more than 13% from highs near $74,000 to lows around $59,000 before ending the period near $63,000.
Kalshi’s contracts appeal to traders seeking defined risk because losses are limited to the amount initially committed.
As volatility increased across crypto markets, traders appeared to rotate toward products that offered capped downside exposure.
The combination of market turbulence and the launch of BTCPERP helped drive participation higher.
Kalshi Pulls Ahead of Polymarket
The latest figures place Kalshi well ahead of rival prediction market platform Polymarket. During the same period, Polymarket reported approximately $419.9 million in open interest.
Kalshi’s $810 million total represents nearly double that amount.
The widening gap is notable because both platforms began the year with similar levels of open interest.
While Polymarket remains focused on traditional prediction markets, Kalshi has increasingly positioned itself closer to a regulated derivatives venue.
The record figure suggests that the strategy is attracting substantial capital, though market participants will be watching closely to see whether the growth remains durable once volatility subsides.
