Phantom Brings Kalshi Prediction Markets to US Users

Phantom launches Kalshi prediction markets for US users

Phantom, a digital asset wallet provider, is rolling out Kalshi prediction markets to users in the United States. This launch allows users to trade event contracts directly within the Phantom app. The rollout began on October 23, 2026, with plans to expand access over the coming weeks. To participate, users must complete identity verification (KYC) on Kalshi.

This development occurs while legal disputes are underway in several US states. These states are challenging Kalshi’s claim that federal oversight protects its event contracts from state gambling laws. Despite these ongoing legal battles, Phantom’s General Counsel, Kevin Jacobs, stated that the company is "confident and comfortable" moving forward. Jacobs noted that the Commodity Futures Trading Commission (CFTC) has a clear jurisdiction over these products. In March, the CFTC issued Phantom a conditional "no action" letter, relieving it from registering as a broker, and last month, the CFTC extended similar relief to other software providers.

Key details on access and fees

• Users will fund trades using CASH, Phantom’s dollar-pegged stablecoin (a digital asset designed to maintain a value of one US dollar), through their Phantom Cash accounts.
• Phantom is blocking specific market categories in three states due to local restrictions: sports markets in Michigan; sports, elections, politics, and entertainment in Nevada; and those categories plus culture, science, tech, mentions, and geopolitics in Washington.
• The fee structure includes a prediction feed of $0.02 per contract and a small network fee for moving funds to Kalshi.
• Cash-outs and winnings will be returned to users’ Phantom Cash accounts.

State-specific restrictions and legal context

Phantom is complying with state restrictions while legal disputes play out in court. Jacobs indicated that he expects the Supreme Court to eventually have the final say on these jurisdictional issues. Kalshi has made its full catalog available to Phantom, with Phantom deciding which specific markets to display to its users. Max Crowley, Kalshi’s vice president of business development, declined to comment on the active state cases but expressed hope that the partnership will bring more users to Kalshi and increase liquidity.

Trading volume and market data

Kalshi has recorded over $291 billion in trading volume this year, according to data from The Block. In October, the platform has reached $55.33 billion in volume with nine days remaining in the month. This pace is trending toward surpassing September’s monthly record of $59.32 billion. Crowley stated that the partnership is expected to improve Kalshi’s market data and overall liquidity.

Source

• The Block