Kalshi, Polymarket’s main competitor, hit an all-time high in October. Recently, the prediction market has grown to over $1 billion in monthly trading volume.
The Calci prediction market set a monthly trading volume record, topping $4.39 billion in October. The platform does not rely on blockchain to determine predictions and primarily relied on sports betting to stay ahead of polymarkets.
Due to the overall expansion of prediction markets and interest in current events, Kalsi activity reached its peak level in October. |Source: Dune Analytics.
Kalsi’s strongest week was at the end of October, when the platform achieved nearly $1 billion in notional value. During the past month, overall calci activity was higher than baseline.
Kalsi also gained exposure to the general expansion of prediction markets related to active current events. In recent platforms, activity did not necessarily reflect the accuracy of predictions. Miscalculation Dutch election results and polymarkets.
Kalsi taps Web2 user
While Polymarket existed for crypto natives, Kalshi’s success lies in reaching Web2 users quickly. Integration with Robinhood and general availability of predictions will give Kalsi a head start on mainstream adoption.
Polymarket still relies on wallets and the use of cryptocurrencies, has barriers to entry, and still requires ownership of cryptocurrencies.
Despite expanded marketing, Kalsi still experienced glitches such as market outages. Polymarket also suffered a temporary outage, but experienced traders were able to continue their positions using the API.
The platform is still viewed with skepticism due to its aggressive influencer marketing and attempts to hijack native cryptocurrency traders.
Will Kalsi be able to overtake Polymarket?
In October, Polymarket ranked second among prediction markets with cumulative sales of $2.29 billion. For Polymarket, it was the most successful month in sales volume since October 2024. 2 billion dollars first time.
Polymarket relies on small bets and was above activity levels in the final quarter of 2024. As of October 31, the exchange had 76,000 active wallets, breaking the record for activity related to the 2024 US presidential election.
Active wallets have expanded from October’s lows of around 14,000, indicating that Polymarket could reverse its fortunes. As of late 2025, Polymarket still handles most volumes of current events.
The New York City mayoral election remains the most active prediction pair for both Calci and Polimarket. Kalsi reported a trading volume of over $71 billion, while the polymarket pair reported $365 million Trading saw heavy activity and continued to lead the market over the past month.
As of November 2025, Polymarket search User interest on Google is also more active compared to Kalsi. In the past few weeks, there has also been increased attention to polymarkets. On-chain platforms are widely used in hopes of an eventual airdrop.
Both Carsi and Polymarket still face doubts that their approach to risk is not actual gambling. How prediction markets are viewed by users and regulated by local authorities can be the main factors limiting growth. Next year, Kalshi and Polymarket may also face more competition from other emerging platforms. As crypto trading slows down, forecasting could become an important alternative to direct trading.
