Prediction market platform Karshi started 2026 with a daily notional trading volume of approximately $291 million on January 1, double the $147 million recorded on December 1, 2025, a sign of continued momentum following a breakout year in which it recorded 12x growth.
According to published data, Kalsi followed an explosive strong start to 2025, processing a total notional amount of $23.8 billion and showing more than 1100% year-over-year growth. on X.
platform In 2025, we processed 97 million transactions, an increase of more than 1,680% compared to 2024, with the peak of activity occurring on December 21, 2025, with a daily notional volume of $381.7 million and 1.5 million transactions.
December turned out to be Kalsi's strongest month, with revenue of $6.38 billion. hypothetical volume This is because sports betting dominated platform activity. In the last week of December alone, there was approximately $1.7 billion in trading volume.
Sports betting fueled Kalsi's growth
The sports market has emerged as a key driver of Karshi's expansion. Users made deals based on NFL, NBA, College Football Playoff, and NHL results.
This is both a blessing and a curse for Karshi. As a Commodity Futures Trading Commission (CFTC)-designated event-based derivatives contract marketplace, Calci is positioned to compete with traditional sportsbooks while operating under a different regulatory framework.
Traditional sportsbooks are making noise that the same rules that apply to them also apply to prediction market platforms like Calsi, and state prosecutors are swooping in.
The platform has been sued in Massachusetts and New York for operating an illegal sports betting business, with authorities in both states arguing that Carsi's event deal constitutes sports betting outside of the CFTC's sanction. The platform is currently banned in at least four states and faces restrictions in others.
Kalsi successfully defended his political gambling contracts from CFTC challenges in 2024 and 2025, a victory that opened the door to the electoral market.
Together with competing polymarkets, the two platforms formed what analysts describe as a “duopoly,” generating more than $44 billion in combined trading volume through 2025. Polymarket's December trading volume exceeded $2.28 billion. The Block data.
Calci has received investment from leading and institutional investors, raising $1 billion in Series E funding at a valuation of $11 billion, led by Paradigm and with participation from Sequoia Capital and Alphabet's Capital G.
The company also secured partnerships with CNN and CNBC to integrate real-time market data into editorial coverage. Google announced in November that it would integrate predictive market data from both Kalshi and Polymarket into its search and finance platforms.
Kalsi's partnership with Robinhood has proven to be a successful move, as it reportedly provides access to millions of retail traders who currently account for more than half of Kalsi's betting volume and are already accustomed to event-driven speculation.
Testing the limits in 2026
Considering its January 1st performance, it could be close to surpassing Kalsi's 2025 daily peak of $382 million. However, whether such growth can be sustained depends on both market conditions and regulatory outcomes.
The 2026 US midterm elections may also impact the trajectory of Kalsi, which gives users the opportunity to place political bets. This activity brought attention to prediction markets, especially platforms like Polymarket, during the 2024 presidential election.
Upcoming events could validate the sector's mainstream potential or reveal the limits of market depth and accuracy.
Although Kalsi has increased its appeal by expanding beyond sports to include political, economic and cultural events, sports remains its core business.
As traditional sportsbooks and crypto exchanges turn their attention to the field of prediction markets, competition is bound to intensify in a sector that has gone from a niche financial product to a mass-market phenomenon.
