Kalshi and Polymarket hit November record of $10B trading volume
Centralized and on‑chain prediction markets posted their strongest month yet in November, as Kalshi and Polymarket both set all‑time highs for trading activity amid heavier retail participation, new integrations and a steady stream of headline‑driven macro events.
Prediction markets let users trade contracts tied to real‑world outcomes, with prices reflecting implied probabilities. Payouts occur if the event happens; contracts expire worthless if it does not. Traders use these markets to gauge — and express — views on everything from elections and policy moves to sports and economic data, often in near real time.
Data from The Block’s dashboard show Kalshi monthly spot volume rising to $5.8 billion in November from $4.4 billion in October — a 32% increase and the platform’s biggest absolute monthly gain. Polymarket climbed to more than $3.7 billion from $3.02 billion, up 23.8%, extending a streak of record prints that began over the summer. Combined, the two venues cleared ~$9.5 billion in November volume.
Market‑share metrics indicate the pair now account for the overwhelming majority of global prediction‑market flow, a concentration reinforced by deeper liquidity funnels, product expansion and growing media distribution.
Kalshi’s momentum has tracked funding: last month the company secured $1 billion in new capital, lifting its valuation to $11 billion, according to prior reporting. On the regulatory side, Polymarket advanced after a mid‑November CFTC nod that positions the firm to resume U.S. operations following earlier constraints.
Polymarket has layered on partnerships, including Yahoo Finance’s exclusive integration of its markets, a multi‑year deal with UFC, and broader embeds as Google Finance begins surfacing Polymarket and Kalshi quotes directly in search. Interest from institutional players is also rising: Galaxy Digital has explored potential liquidity‑provision arrangements with both platforms, Bloomberg reported.
As GNcrypto wrote previously, on Nov. 21, 2025 Kalshi raised $1B at ~$11B valuation from Sequoia and CapitalG. Earlier it secured $300M+ at $5B to expand to 140+ countries as annual volume neared $50B. The race with Polymarket is intensifying: ICE plans up to $2B in Polymarket at ~$8B pre‑money; Kalshi remains CFTC‑supervised post‑court win while state talks continue and Polymarket re‑enters via licensed entities.
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