Kalshi 15-minute gold contract fees surpass Ethereum, reaching 5 million dollars in September

The prediction market platform Kalshi launched its 15-minute gold contract in August, generating an estimated fee of approximately 5 million dollars in September, nearly double the 2.6 million dollars from Ethereum contracts during the same period. According to Predict Charts data, the gold contract had a trading volume of 542 million contracts that month, surpassing Ethereum's 318 million contracts. Bitcoin remains the dominant market, with estimated fees reaching 60.4 million dollars.

The growth of the short-term gold market accompanies the overall expansion of Kalshi's commodities business. The company stated in September that commodity trading volume reached 400 million dollars within seven months, more than four times the trading volume generated by its crypto market in the same period. Kalshi noted that the crypto market demonstrated the potential for new categories on the platform to grow from tens of millions of dollars to billions of dollars in monthly trading volume. Data shows that the 15-minute Bitcoin contract, which will launch in December 2025, became Kalshi's largest market series outside of parlay bets in July; the 15-minute Ethereum contract grew from 6.1 million contracts to 233 million contracts between January and July 2026.

The short-term financial market is taking up a larger share of Kalshi's business. Analysis released by InGame shows that in the seven days ending October 5, the 15-minute crypto, commodities, and financial markets generated 20.4 million dollars in fees, accounting for 80% of the platform's non-sports fees during the same period. The analysis also found that the short-term market contributed 13% of Kalshi's trading volume but accounted for 20% of the fees.