Kalshi Becomes Top Global Prediction Market by Trading Volume, Surpassing Polymarket

Kalshi has now moved into the top spot in global prediction‑market trading, overtaking Polymarket after years of trailing behind. 

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Data from Dune Analytics shows Kalshi pulling ahead in overall activity, marking a major shift in a space Polymarket once dominated. The change comes at a time when Polymarket has struggled with repeated delays and system hiccups, problems that have frustrated users and slowed its push to win over more U.S. traders.

Those setbacks have landed at a sensitive moment for the company. Polymarket’s efforts to expand in the U.S. have already faced hurdles, and its disruptive style has drawn criticism from customers, lawmakers, and even its largest investor, Intercontinental Exchange. 

Meanwhile, Kalshi has been gaining momentum on multiple fronts. The company recently announced new fundraising that pushed its valuation to US$22 billion, putting it ahead of Polymarket’s last reported US$15 billion valuation.

Operational delays continue to affect Polymarket

Polymarket’s recent slowdown has been tied to a mix of product setbacks and challenges in the US market. 

Bloomberg reported that the platform has dealt with repeated delays, including a system restart that stretched well past the planned five‑minute window and an infrastructure upgrade that never arrived on time. These issues have disrupted trading and added to user frustration.

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Its US rollout has also moved at a slow pace. From 2022 to 2025, the Commodity Futures Trading Commission kept the company out of the country over claims it was operating without proper approval. Even though Polymarket returned at the end of 2025, its US platform is still in beta with limited activity, despite becoming MLB’s official prediction market partner in March.

Bloomberg noted that the company’s reliance on blockchain technology has added extra complexity and slowed progress. Meanwhile, Kalshi has been fully active in the US since 2020, giving it a smoother path while Polymarket continues to work through delays.

Polymarket looking to raise $400 million 

Earlier this week, Polymarket began speaking with investors about a new funding round that could bring in $400 million. According to reporting, the talks value the company at around $15 billion, a figure that includes the fresh capital. 

This push for more funding comes shortly after Intercontinental Exchange invested $600 million as part of its plan to put up to $2 billion into Polymarket to help it grow in the event‑based trading space.

The new raise would build on that earlier investment, with Polymarket now aiming to bring in additional strategic backers beyond ICE. If the round comes together as expected, total funding could reach $1 billion, giving the company more room to expand while competition in the prediction‑market industry intensifies.

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