Kalshi and Polymarket's September trading volume reached $1.44 billion, with the prediction market attracting institutional funds.

The prediction market continues to heat up, with Kalshi and Polymarket achieving a combined $1.44 billion in trading volume in September, a record high. Both platforms recently announced new funding rounds: Polymarket raised $2 billion from the Intercontinental Exchange (ICE), bringing its valuation to $9 billion; Kalshi raised $300 million at a $5 billion valuation. This funding round has created at least one new billionaire, with Polymarket founder Shayne Coplan becoming the youngest self-made billionaire. Data shows that Kalshi's market share reached 60% in September, reversing the dominance of Polymarket at the beginning of the year. The two platforms differ significantly in their technical architecture: Kalshi operates off-chain, with data accessible only via APIs; Polymarket operates entirely on-chain, with all markets and positions publicly accessible. Analysts believe that Kalshi's recent surge in trading volume is partly due to its partnership with Robinhood, which allows users to directly participate in Kalshi's sports prediction market transactions through its interface. This also marks the accelerated integration of prediction markets into the mainstream financial ecosystem. (The Block)