Kalshi and Polymarket’s July Volume Surpasses $50B, Driven by World Cup

What happened: Combined trading volume for Kalshi and Polymarket reached an all-time high of $50.59 billion in July, up 7.8% from June. Kalshi accounted for $37.7 billion (+14% month-over-month), while Polymarket’s main platform saw $7.9 billion (−26%), and Polymarket US surged 54% to $5 billion. The FIFA World Cup was the primary driver, with single markets on Kalshi and Polymarket each topping $1.9 billion and $4 billion in volume, respectively. However, open interest fell from $2 billion to $1.2 billion by month’s end.

Why it matters: The record volume reflects the impact of major global events and regulatory changes, particularly the removal of waitlist restrictions on Polymarket US. However, the sharp drop in open interest post-World Cup suggests much of the activity was event-driven and may not be sustained. The shift in volume from Polymarket’s main platform to its US offering indicates a growing onshore market presence following regulatory legitimization.

Source: The Block, crypto.news