Katina, Sunday, December 07, 2025 - Centralized and decentralized (on-chain) prediction markets Kalshi and Polymarket closed November with record monthly trading volumes, surpassing $9.5 billion amid heightened retail activity and macro-driven interest.
Kalshi's platform recorded a trading volume of $5.8 billion in November, a 32% increase from October, representing the largest monthly gain for the platform. Meanwhile, Polymarket recorded $3.7 billion, an increase of nearly 24% from the previous month, continuing a streak of record activity that began in the summer.
Both platforms now dominate the global prediction market sector, controlling the majority of monthly activity.
This surge follows widespread adoption and regulatory developments. Kalshi doubled its valuation last month after securing $1 billion in new funding, bringing its market value to $11 billion.
Polymarket benefited from regulatory approval from the Commodity Futures Trading Commission (CFTC) in mid-November, allowing it to resume U.S. operations and expand distribution partnerships with embeds Yahoo Finance, UFC, and Google Finance.
Institutional interest is also increasing, as Galaxy Digital explores potential collaborations to provide liquidity. The expansion of both platforms and their integration has accelerated capital formation, transforming prediction markets from specialized retail platforms to increasingly institutional arenas.
This growth reflects an increasing demand for real-time event-based trading, where users buy and sell contracts linked to elections, economic data, sports, and other outcomes.
Market participants leverage prediction markets to gauge sentiment and hedge risks, enhancing their role in the broader financial system.
Kalshi and Polymarket recorded nearly $10 billion in trading volume in November, setting record numbers and highlighting the rapid adoption by retail, regulatory advancements, and increasing institutional interest in prediction markets.