Kalshi, Polymarket Set New Volume Records in November

Prediction market platforms Polymarket and Kalshi are coming off their strongest month yet, with both posting record spot volumes in November.

Data from blockchain analytics firm Artemis shows Kalshi’s spot volume hit $5.8 billion in November, up more than 30% from October’s $4.4 billion. Polymarket also hit a new high, reaching $4.3 billion in November for nearly 5% month-over-month growth.

Rising interest in betting on real-world events has pushed Polymarket into the spotlight. The app briefly surged to the top spot among free iOS apps in the App Store’s sports category, according to CEO Shayne Coplan, who shared the update in an X post on Dec. 1. However, as of press time, it has slipped to third place.

The spike in visibility follows a 60 Minutes interview with Coplan that aired on Sunday, spotlighting Polymarket’s rapid rise and its post-money valuation of $9 billion, despite the platform not yet generating any profit at all. Last week, the on-chain prediction market platform officially received approval from the Commodity Futures Trading Commission (CFTC) to re-launch in the United States.

Kalshi, Polymarket’s main rival, which has operated in the U.S. mostly as an off-chain platform with CFTC approval since 2020, has been drawing attention too. Late last month, The Defiant reported that the company raised $1 billion in a funding round led by existing backers Sequoia and CapitalG, valuing it at roughly $11 billion. However, Kalshi has yet to publicly confirm that valuation. Polymarket is also said to be seeking fresh capital at a $12 billion valuation.

On-Chain Push

But the race isn’t about valuations only. Kalshi is now increasingly betting on blockchain infrastructure, which includes a recent partnership with oracle provider RedStone. In a Dec. 1 blog post, the company announced the rollout of tokenized predictions in partnership with Solana-based decentralized exchanges Jupiter and DFlow.

Kalshi also added that support for Ethereum Virtual Machine-compatible chains is planned, though it didn’t offer a timeline for the development.