Kalshi and Polymarket have posted their highest-ever trading volumes for the month of November, reaching a combined total of US$10 billion. This achievement, as reported by The Block, marks a major milestone for the two leading platforms in the prediction market sector. The platforms saw significant growth in retail activity, deeper integrations, and a steady stream of global news events that kept traders actively engaged.
Kalshi Leads the Surge in Trading Volume
Kalshi, the front-runner in November’s performance, saw its monthly spot volume rise sharply by 32%, from US$4.4 billion in October to US$5.8 billion in November. This increase represents the largest monthly gain in the company’s history. The platform’s growth can be attributed to increasing retail interest in trading predictions based on real-time political, economic, and global events. Kalshi’s success reflects broader market engagement, especially in the U.S., where its contracts allow users to bet on the outcomes of various events, ranging from elections to economic developments.
Polymarket Breaks Records with Strong Growth
Not far behind, Polymarket also set a new record, with its trading volume rising by 23.8% month-on-month. Polymarket moved from US$3.02 billion in October to over US$3.7 billion in November, continuing its upward trend that began in the summer. The platform’s expansion has been fueled by its broader range of event-based categories and increasing global demand. Polymarket’s ability to attract traders is further enhanced by its crypto-based model, enabling highly responsive probability signals based on real-time market sentiment.
Both platforms now dominate the global prediction market space, with their combined volume accounting for the vast majority of activity in the sector. This surge has solidified their positions as the primary players in an emerging duopoly that is reshaping the prediction market landscape.
Regulatory Challenges for Kalshi in Nevada
Despite Kalshi’s strong performance, the company faced mounting pressure from regulators, particularly in Nevada. Kalshi was caught up in a legal dispute after a federal judge lifted a temporary injunction that had allowed the platform to operate in the state. Nevada’s Gaming Control Board, which has jurisdiction over sports betting, is now intensifying its scrutiny of Kalshi’s operations, with a focus on the classification of Kalshi’s contracts under federal commodities regulations. Kalshi has argued that federal authority from the Commodity Futures Trading Commission (CFTC) supersedes state oversight, but the judge’s ruling in favor of state control complicates the situation for the platform.
Polymarket Expands Global Reach Amid Kalshi’s Regulatory Issues
While Kalshi is navigating legal hurdles, Polymarket is continuing its global expansion. The platform has made significant strides in integrating new categories and expanding its user base, striking key deals with major companies like Yahoo and Google Finance. Polymarket’s CEO, Shayne Coplan, emphasized the platform’s ability to create highly accurate predictive signals, especially in high-profile events like elections. Polymarket’s political markets have seen major attention, particularly during the 2024 U.S. presidential race, with bettors placing over US$3.6 billion on the outcome.
The Future of Prediction Markets
The explosive growth of Kalshi and Polymarket is reshaping the prediction market space, with both platforms becoming essential tools for tracking sentiment around global events. Their increasing dominance is reflected in their combined market share, positioning them as the dominant forces in this emerging sector. Despite regulatory challenges for Kalshi, the platforms’ performance in November signals a strong future for event-based trading, with growing retail interest and international reach.
Source:
Kalshi and Polymarket hit record US$10 billion trading volume for November, completeigaming.com, December 2, 2025
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