Key Takeaways:
Dune Analytics logs $25.7B March quantity; Polymarket, Kalshi dominate as exercise concentrates. Polymarket hit 115M trades vs Kalshi 88M in March; scale indicators deeper market adoption. CFTC scrutiny and U.S. lawmakers goal markets as Polymarket, Kalshi close to $940M open curiosity.
Polymarket and Kalshi Drive Billions in Quantity
Knowledge from Dune.com, compiled by @datadashboards, exhibits prediction market quantity persevering with to push new highs. January 2026 figures place the month on the highest pinnacle for notional quantity, reaching a document $26.75 billion, adopted by February’s whole of $23.24 billion. With March’s figures now finalized, the month ranks because the second-largest on document, with $25.7 billion logged.
When mixed with April’s $3.9 billion, because the month is incomplete, the cumulative whole reaches $162.64 billion since Jan. 1, 2024. Whereas March’s figures spanned seven distinct markets, Kalshi and Polymarket led the sphere with $13 billion and $10 billion, respectively. Polymarket’s quantity is basically pushed by politics, adopted by crypto, sports activities, and world occasions.
The Dune dashboard signifies that Kalshi sees heightened exercise throughout economics, financials, and politics, whereas additionally extending into area of interest segments reminiscent of local weather and climate, in addition to transportation. Trailing the dominant figures posted by Polymarket and Kalshi, Crypto.com, Opinion, Limitless, Predict.enjoyable, and Extra time.io make up the remaining cohort.
March recorded a pointy enhance in exercise, reaching roughly 207 million transactions throughout all tracked prediction markets. This marks a notable month-over-month rise in comparison with February’s 155 million. As soon as once more, Polymarket and Kalshi took the highest spots, with Polymarket accounting for 115 million transfers and Kalshi registering 88 million.
On the time of writing, prediction markets collectively maintain about $939.86 million in open curiosity, with exercise closely targeting the 2 platforms. Kalshi leads with $487.21 million, adopted by Polymarket at $422.09 million, that means the pair represents the overwhelming majority of right this moment’s whole positioning. Smaller platforms sit nicely behind, with Predict.enjoyable at $19.51 million and Opinion at $10.38 million.
The remaining venues contribute solely marginally, together with Limitless with roughly $666,520 and others totaling simply $3,760, pointing to a sharply top-heavy market construction. Polymarket and Kalshi have attracted this demand whilst a number of headwinds persist, together with controversy tied to particular markets associated to the U.S.-Iran battle. Democratic lawmakers have largely opposed prediction markets and have superior laws aimed toward tightening oversight.
The 2 dominant platforms are additionally navigating state-level guidelines that battle with federal steerage, significantly from the Commodity Futures Buying and selling Fee (CFTC). Even so, open curiosity and notional volumes proceed climbing on Polymarket and Kalshi regardless of criticism and the prospect of regulatory motion. How lengthy that momentum holds stays unsure, however prediction markets have clearly carved out a sturdy position.
