Phantom Opens Kalshi Markets to Users at $0.02 per Contract

Key Facts

Phantom Wallet announced on October 23, 2026, that it had begun making Kalshi’s prediction markets available to its U.S. users in phases, with access set to expand over the following weeks. The move adds a new interface for accessing markets operated by an exchange registered with the U.S. Commodity Futures Trading Commission from within the Phantom app. The company wrote in its announcement that Kalshi “approves and holds users’ trading accounts, and executes the trades they submit through Phantom.” Under this arrangement, Phantom displays the service and provides access to it, while Kalshi retains responsibility for managing trading accounts and executing orders. Access does not extend equally to all users or contract types, as the company imposes geographic restrictions that vary by market.

Users must create a Kalshi account or link an existing one, then complete identity verification before placing their first trade, according to Phantom’s help center. This step separates use of the wallet as an interface for the service from meeting Kalshi’s trading-account requirements. The transaction fee is $0.02 per contract, according to published service details. Phantom charges a $0.01-per-contract platform fee, while Kalshi charges a $0.01 exchange fee. Variable network fees also apply, making the final cost dependent on network fees when the transaction is executed.

Trading can be funded from a Phantom Cash balance or supported tokens on the Solana network, The Block reported. Funds are transferred to Kalshi for trading, while proceeds from sales or gains return to the Phantom Cash account. The report described Phantom Cash as a dollar-pegged stablecoin and said it can be used to fund trades. This route combines the wallet interface and users’ balances in it with the trading account held by Kalshi. Kalshi remains the party executing users’ orders, under the division of responsibilities Phantom announced.

Available markets vary by state and contract type, according to the restrictions Phantom announced. In Michigan, the company blocks sports markets, while restrictions in Nevada cover sports, elections, politics and entertainment. In Washington, culture, science, technology and geopolitical indicators are also added to those categories. The service’s availability in the United States therefore does not mean that every category of Kalshi markets can be accessed in every state. These limits come as states and federal authorities dispute which has jurisdiction to regulate prediction markets.

Phantom said CFTC staff issued it a letter in March granting conditional relief from registration as an introducing broker, allowing it to provide access to regulated markets. The letter is numbered 26-09, according to the company’s statement, and forms the regulatory basis on which Phantom offers the service through its app. On September 17, the commission announced that it had extended its no-action position to passive software providers, under conditions similar to those in the letter. The commission said the position applies to facilitating trading with registered futures commission merchants, introducing brokers and designated contract markets. This provides a broader framework for software providers that enable trading through their interfaces, while the relief remains subject to its scope and the way the service is provided.

Trading figures cited by The Block show the expansion of Kalshi’s activity this year: volume since the start of the year exceeded $291 billion through October 23, 2026. Trading volume in October reached $55.33 billion through the same date, with 9 days remaining in the month when the report was published. In May, Kalshi said institutional trading volume on its platform had risen 800% in six months. It added that annualized volume had increased from $52 billion to $178 billion over the same period. These figures provide context for the platform’s expanding activity as Phantom adds a new channel for accessing its markets.

The expansion comes amid lawsuits over the boundaries between federal jurisdiction and state laws. The Associated Press reported that more than a dozen states are involved in lawsuits concerning prediction markets. The states say platforms such as Kalshi are subject to local gambling and tax laws, while Kalshi says its contracts are not gambling and should be exempt from state oversight, Reuters reported. Kalshi co-founder and CEO Tarek Mansour told Reuters the dispute could ultimately reach the Supreme Court. In the context of election markets, Kalshi announced on October 6 that it had launched 3 transparency features for midterm election markets, saying 2026 election trading had surpassed 2024 levels and grown 6 times faster than football trading compared with 2025.