Kalshi’s $291bn volume lands inside Phantom’s crypto wallet

Kalshi expects the tie-up to boost its liquidity & market data, according to its business development VP.

The hit

Crypto wallet Phantom has begun offering Kalshi prediction markets directly inside its app for US users, starting 23 October, according to The Block. Trades are funded with Phantom’s CASH stablecoin, with winnings & cash-outs returned to users’ Phantom Cash accounts. Phantom is blocking select market categories in three states while state lawsuits against Kalshi continue.

Why it matters

Phantom’s general counsel Kevin Jacobs told The Block the CFTC’s jurisdiction is clear & the firm is ‘confident and comfortable’ operating despite state challenges to Kalshi’s event contracts. That bet rests on a conditional no-action letter shielding Phantom from broker registration. Phantom’s category-by-category blocks could change as the cases play out in court.

The record

CFTC no-action letter	Issued to Phantom in March 2026, later extended to other software providers
Restricted states	Michigan (sports), Nevada (sports, elections, politics, entertainment), Washington (those plus culture, science, tech, mentions, geopolitics)
Kalshi 2026 volume	More than $291bn traded year to date, per The Block data
October 2026 volume	$55.33bn so far, on pace to beat September’s $59.32bn record
Trading fee	$0.02 per contract plus a network fee, per Phantom’s quoted feed

What happens next

Jacobs expects the Supreme Court will eventually settle the state-federal jurisdiction fight over Kalshi’s event contracts. Watch how state restrictions shift as Michigan, Nevada & Washington cases progress through the courts.

Sources: Phantom rolls out Kalshi prediction markets to US users, says it’s ‘confident and comfortable’ amid state lawsuits

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