Kalshi and Polymarket will have a trading volume of over 44 billion US dollars by 2025, involving regulatory compliance in the United States and Europe

The combined trading volume of Kalshi and Polymarket will exceed 44 billion US dollars by 2025. As of April 2026, the monthly transaction volume of the two platforms has risen to $24 billion. Kalshi's fee income last year was $263.5 million, with an annualized revenue of over $1.5 billion. Kalshi is a designated contract market (DCM) registered with the US Commodity Futures Trading Commission (CFTC), and Polymarket returns to the US market by acquiring QCEX for $112 million at the end of 2025. The EU's Crypto Asset Market Regulation Act (MiCA) has differences in defining the attributes of predictive market contracts. If a platform provides services to EU users, it needs to obtain a license from a Crypto Asset Service Provider (CASP).