Analysts: On-chain prediction market fees are undervalued; Kalshi's reported $110 million in revenue over the past 30 days is highly likely true.

Regarding Parity's previously released ranking of prediction market revenue, crypto analyst dash posted on the X platform that Kalshi's data is highly likely accurate. Based on its fee structure and publicly available taker transactions, its fees are approximately $118 million. If transactions are conducted through Robinhood, a 1% notional amount estimate is more accurate; Kalshi's notional trading volume over the past 30 days is $11 billion. Furthermore, on-chain prediction market fees are often underestimated. Currently, platforms like DefiLlama primarily calculate USD or stablecoin fees, ignoring fees denominated in shares. After including this portion of fees, the actual fees on platforms like Polymarket, predict.fun, and Limitless would be higher, with Predict.fun about 40% higher and Polymarket about 80% higher.