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Kalshi‘s 15-minute gold contracts traded 542 million times in September, overtaking the 318 million recorded by comparable Ether markets only weeks after the commodity series went live, according to Crypto.news. Estimates compiled by Predict Charts put gold’s September fees at roughly $5 million, close to double the $2.6 million attributed to short-duration Ether contracts.
Cointelegraph reported the same contract and fee figures, describing the gold product as generating nearly twice the estimated trading fees of equivalent Ether markets. Both outlets noted the totals are estimates derived from Kalshi trade records rather than company-reported revenue.
Also readKalshi Faces Wash-Trading Questions Over Reported Crypto Volume
Key facts
- Gold’s 15-minute Kalshi markets recorded 542 million contracts in September, roughly 70% above Ether’s 318 million.
- Estimated September fees reached about $5 million for gold and $2.6 million for Ether contracts.
- Bitcoin remained Kalshi’s largest 15-minute market, producing an estimated $60.4 million in fees, more than 12 times the gold figure.
- Kalshi introduced its 15-minute gold series in August, with market pages showing contracts active by Aug. 7.
- Kalshi said on Sept. 8 that commodity markets reached $400 million in cumulative trading volume within seven months.
How gold caught up so quickly
Each 15-minute contract asks traders whether gold will finish above or below a reference level when the window closes. Kalshi uses Pyth pricing data to settle the gold markets, an arrangement already selected earlier this year for commodity products covering gold, silver, oil and agricultural assets.
Ether’s contracts had a longer runway. Cointelegraph reported that short-duration Ether contracts grew to 233 million from 6.1 million between January and July 2026 before climbing to 318 million in September, and that 15-minute Bitcoin markets launched in December and became Kalshi’s biggest non-parlay series by July. Crypto.news reported that Kalshi’s short-duration crypto contracts expanded from late 2025, with Ether activity rising sharply through 2026.
Also readArthur Hayes: Fed-Backed Yen Rescue Could Boost Bitcoin, Ether, and Gold
Gold’s climb fits a wider expansion in Kalshi’s commodities business. The company said its commodity contracts reached $400 million in cumulative volume in roughly half the time its crypto category needed, and at the same stage generated more than four times the volume of crypto markets. That dollar-volume figure is separate from the 542 million gold contracts recorded in September, which Predict Charts measures in contract counts.
Why it matters
Short-duration markets now carry an outsized share of Kalshi’s non-sports fees. InGame data cited by both outlets found 15-minute crypto, commodity and financial markets produced $20.4 million in fees in the seven days through Oct. 5, about 80% of the platform’s non-sports fee total for the period, even though those markets were only 13% of volume. The gap reflects Kalshi’s fee formula, which charges more relative to volume on contracts priced near even odds.
For readers tracking prediction markets, the shift shows the format moving beyond crypto into commodities. It also shows how quickly a newer product line can overtake an established one: Ether contracts surged through 2026 yet still fell behind a gold series launched in August.
What to watch
Kalshi said in September that it had filed for perpetual contracts tied to gold, silver and platinum and planned to launch them, without giving a firm release date. Crypto.news also reported the company entered discussions for roughly $1 billion in fresh capital at a valuation near $40 billion, following a $22 billion valuation earlier in 2026, with the talks not confirmed as a completed round as of its latest report.
This article covers market data and does not constitute financial advice. Prediction-market and crypto markets are volatile and outcomes are uncertain.
Sources: crypto.news, Cointelegraph
