Kalshi handled 13.6 billion event contracts in latest quarter
Kalshi processed 13.6 billion event contracts during the quarter, more than ten times its Q1 2025 volume. The spike followed heavy World Cup trading. In August, Kalshi announced a partnership with brokers as prediction markets look to sustain activity after major sporting events. In early October, Kalshi added a stock index perpetual future to broaden its lineup. The moves reflect a broader industry push to diversify beyond conventional event contracts and maintain user engagement after short-term volume spikes.
The broker push and perpetual future launch show Kalshi treating the World Cup swell as a structural warning, not a windfall. Prediction markets historically hemorrhage users once marquee sports events end; Kalshi needs recurring products to keep capital on-platform between tournaments. The stock index perpetual future courts traders who would otherwise stay in traditional futures markets, while broker partnerships reduce friction for retail accounts.
Competitors with direct CFTC designations can pitch stability to users rattled by partner-dependent outages. If the perpetual and broker channels fail to convert World Cup registrants into repeat traders, Kalshi's Q1 2026 baseline will collapse back toward pre-tournament levels and its $40 billion valuation will face a revenue credibility test.
Kalshi joins Polymarket as a preferred NBA prediction-market exchange after the league fractured its former unified opposition, and its art-market deal with Artnet opens a contract category rivals lack.