Kalshi and Polymarket Hit New High in November Volume

The prediction market sector is growing rapidly, with Kalshi and Polymarket setting new records for trading volumes in November. This growth shows a rising interest in real-money forecasting markets. Furthermore, the surge comes amid uncertain times and increased institutional interest. 

Both Platforms Bent on Setting New Records

According to recent data, Kalshi, an MIT-founded prediction market startup, recorded $5.8 billion in trading volume for November. The record shows a 32% rise from October. Notably, the increase comes from more participation by both individual traders and larger investors. 

Similarly, Polymarket, a popular decentralized prediction platform, also had a strong month in November, with a trading volume of $3.74 billion. This is a 23.8% increase from the previous month. No doubt, Polymarket attracts many users due to its faster settlements, lower fees, and global access.

Industry analysts report that both platforms now dominate the market, suggesting they are forming a fast-consolidating duopoly. 

Together, these two prediction platforms account for most of the capital in the real-money prediction market ecosystem. Importantly, Kalshi and Polymarket have had their best month ever, showing strong growth as they enter the new year.

Kalshi and Polymarket Eye Multi-Billion Valuations

In September, Poymarket and Kalshi started considering raising fresh capital at record-breaking valuations of $9 billion and $5 billion, respectively. In June, Polymarket raised $200 million, bringing its valuation to $1 billion. Now, the company is focused on pushing its valuation as high as $9 billion.

This update came shortly after the prediction platform received approval from the U.S. Commodity Futures Trading Commission (CFTC) to relaunch in the United States. 

No doubt, Kalshi is also on a strong trajectory. Its approach is more traditional compared to Polymarket. 

The company is regulated, requires users to deposit U.S. dollars, and enforces standard identity checks. This setup gives Kalshi strong credibility in the regulated U.S. market. Interestingly, onchain data shows that 2025n has become the strongest year on record for prediction market funding.

Trading Surges as Prediction Market Competition Grows

The main difference between Polymarket and Kalshi is in their work modules. Polymarket runs on the Polygon blockchain, utilizes USDC for payments, and enables worldwide anonymous trading. In contrast, Kalshi follows a regulated path in the U.S. market amid stricter compliance rules.

Despite their differences, both platforms attract heavy trading activity. Similarly, both companies also enjoy backing from top investors. Polymarket has backing from Peter Thiel’s Founders Fund, while Kalshi has support from Paradigm and Sequoia Capital.

Meanwhile, the rise of prediction markets goes beyond these two platforms. Several other players are entering the field. Crypto.com, in partnership with Underdog, has launched sports prediction markets across 16 U.S. states. At the same time, Coinbase is exploring its version of a prediction platform.