Kalshi and Polymarket’s combined monthly trading volume has surged. It rose from $4.5 billion in September 2025 to $53 billion in July 2026.
The growth is attracting large investments. Kalshi is reportedly in talks for a funding round that would value it at approximately $40 billion. Polymarket has sought a valuation of around $20 billion.
The sector is drawing major institutional players and challenging established exchanges. Intercontinental Exchange (ICE), parent of the NYSE, has invested significantly in Polymarket.
CME Group has sued the CFTC over its approval of a Kalshi product, underscoring the competitive threat these platforms pose to established exchanges. Major proprietary trading firms are also entering the sector.