Bitcoin still dwarfs both, pulling in an estimated $60.4m in September fees on Kalshi alone.
The hit
Kalshi’s 15-minute gold contracts have outtraded Ether within weeks of launch, according to Blockonomi. Gold fees reached roughly $5m in September against Ether’s $2.6m, per Predict Charts data cited in the report.
Why it matters
Short-duration contracts are becoming a serious revenue line for Kalshi beyond sports. Kalshi said its commodities segment hit $400m in cumulative volume within seven months of launch, a pace Blockonomi says was about double that of crypto markets reaching similar milestones.
The record
| Gold contracts, September | 542m contracts (Blockonomi) |
|---|---|
| Ethereum contracts, September | 318m contracts (Blockonomi) |
| Bitcoin’s September fees | over 12x gold’s take (Predict Charts) |
| Commodities cumulative volume | $400m in 7 months as of 8 September (Kalshi) |
| Non-sports fee share, week to 5 October | 80% from short-duration contracts (InGame) |
What happens next
Watch for a launch date on Kalshi’s perpetual contracts tied to gold, silver & platinum. Also watch reported talks for $1bn in fresh capital at a near-$40bn valuation.
Sources: Kalshi’s 15-Minute Gold Contracts Surpass Ethereum in Volume Within Weeks of Launch
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