Kalshi traded $15.94 billion in the 30 days to 27 October 2026, 70.5% of the $22.61 billion traded across the 41 prediction-market venues that report volume to DefiLlama. Polymarket’s US, international and combo listings add 24.8%, so the two groups together are 95.2%. The other 37 venues share the remaining 4.8%; 36 of the 41 are under 1% each and 16 traded less than $100,000. Total volume rose 22.9% from $18.40 billion in the previous 30 days, led by Kalshi (+22.2%, from $13.04 billion).
Two names, then a long tail
After Kalshi come Polymarket US ($3.14 billion, 13.9%) and Polymarket International ($2.44 billion, 10.8%), then Predict Fun ($397 million, 1.8%) and Opinion ($262 million, 1.2%). Below those, SX Bet V3 ($84 million), MagicMarkets ($78 million), XO Market ($68 million), Hyperliquid Outcomes ($58 million) and TurboFlow ($53 million) are each under 0.5%. Only 21 venues traded $1 million or more. For SX Bet’s token, see our post on the sunset.
On-chain liquidity is even narrower
DefiLlama also reports total value locked for on-chain venues. Across the 136 prediction-market protocols it lists, TVL is $400 million, of which Polymarket International holds $355 million (88.7%), followed by Rain ($12.7 million) and Predict Fun ($10.1 million). Kalshi, a centralised exchange, shows no on-chain TVL, so it does not appear in that measure at all. DefiLlama’s fee series gives $87.2 million for Polymarket US over the 30 days, 2.8% of its volume, and $32.0 million for the international venue, 1.3%; the two are not defined identically, so we do not read much into the difference.
Key facts
Source: DefiLlama protocol list (category Prediction Market, 136 entries) and DEX volume overview, pulled 27 October 2026 at 10:04 UTC; 30-day volume is the trailing figure DefiLlama reports on that date.
Volume (30 days): 41 venues, $22.61 billion; Kalshi $15.94 billion (70.5%), Polymarket US $3.14 billion (13.9%), Polymarket International $2.44 billion (10.8%), Polymarket Combos $26.8 million (0.1%), Predict Fun $397 million (1.8%), Opinion $262 million (1.2%). Previous 30 days $18.40 billion.
Coverage: 53 of the 136 listed protocols have a volume series; 41 report volume in the last 30 days and 12 report none. The other 83 have no volume tracking, so their volume is unknown, not zero.
All-time (DefiLlama): Kalshi $96.4 billion, Polymarket International $48.8 billion, Polymarket US $12.2 billion.
Cross-check: On 26 October, Kalshi’s own API listed 198.0 billion contracts traded over its lifetime; DefiLlama’s $95.0 billion on the same day was 48% of that, consistent with DefiLlama counting dollars (price times contracts) rather than contracts. We could not verify Kalshi’s dollar volume independently.
Not covered: venues DefiLlama does not list, off-platform trading, and any volume that is wash trading or market-making.
How to read it
The split between venues depends on who reports to DefiLlama and how: a venue that is not tracked simply does not appear, and methods differ between a regulated exchange and an on-chain contract. What survives those caveats is the shape of the distribution, with one exchange near 70%, one company near 25% and a tail too small to matter yet. Our earlier look at Polymarket’s two venues and at Kalshi’s crypto contracts goes deeper on the two largest. Both were just named preferred exchanges in the NBA’s new deal with the CFTC.
Why it matters for GambleFi
Most on-chain prediction markets are small compared with the regulated exchanges, which is a useful reference point for the iGaming token (GambleFi) sector: on-chain betting products have to compete for the same users. For token-level data, see our statistics page and liquidity check. This is a data report, not investment advice.