Prediction markets hit record $29.4 billion in May led by Kalshi
Prediction markets reached $29.4 billion in May 2026 trading volume, their biggest month on record, according to data published June 5 by The Currency Analytics. Kalshi led the category and posted a record $14.8 billion in April contract volume, per Barron's. Sports contracts still represent roughly 80% of Kalshi's year-to-date 2026 volume, though its non-sports share has risen from 9%, according to Robonomics. Kalshi launched 304 new prediction markets across 44 events in a 24-hour stretch ending June 5, spanning currency pairs, music charts, and central bank decisions. The platform is reportedly valued at $2 billion.
Kalshi must now convert this record flow into sticky institutional volume before Robinhood's three-way contract split and fresh hedge-fund desk openings siphon the largest tickets elsewhere. Any failure to retain that institutional segment will leave the platform dependent on retail sports contracts just as tribal and regulatory challenges mount.
Kalshi's record volumes arrive alongside three concurrent product and infrastructure pushes by Robinhood and hedge-fund desks, underscoring the platform's bid to lock in institutional flow before rivals can match its liquidity stack.