Kalshi posts $98.15bn in October 2026, monthly record
TickerTracker: eight exchanges reached $126.64bn as combos and three exchanges drove growth
Key Takeaways
- Kalshi recorded $98.15bn in notional volume in October 2026, a 61.3% increase versus September.
- Eight exchanges tracked by TickerTracker reached $126.64bn in October, a 65.3% month‑on‑month rise.
- DKeX, Novig and Underdog more than doubled monthly volumes and together added $5.77bn in absolute terms.
- Combos (parlays) drove most growth: they supplied 83.9% of Kalshi’s month‑on‑month increase and were 72.8% of DKeX’s total.
- Kalshi set six daily records in October, exceeded $5bn in a single day on 24 October, and its open interest peaked at $2.17bn on 30 October.
Kalshi recorded $98.15bn in notional trading volume in October 2026, its most active month to date, according to tracker TickerTracker. That total is a 61.3% increase versus September and the exchange exceeded $5bn in a single day for the first time.
Overview of the month
The eight exchanges tracked by TickerTracker — Kalshi, Polymarket US, DraftKings’ DKeX exchange (DKeX), Novig, Underdog, Rothera, ProphetX and Crypto.com Derivatives North America (CDNA) — generated $126.64bn in notional volume in October, a 65.3% rise from September. TickerTracker counts contracts at their full payout value; for example, a five-cent combo that pays $1 contributes $1 to notional volume. Totals include repeated turnover and do not measure customer spend or exchange revenue.
Growth led by three exchanges
DraftKings’ DKeX exchange, Novig and Underdog more than doubled their monthly volume. DKeX grew 148.6%, Novig 126.1% and Underdog 174.7% versus September. Together, DKeX, Novig, Underdog, Rothera and ProphetX contributed $11.32bn, more than double September’s combined $5.37bn, an increase of 110.7%. Still, Kalshi remained more than eight times the combined size of those five exchanges.
In absolute terms, DKeX added $2.69bn in monthly volume, Novig $1.82bn and Underdog $1.26bn, and those three exchanges accounted for 97.1% of the five-exchange combined increase. Rothera and ProphetX grew more modestly, up 9.5% and 27.3% respectively. Polymarket US registered $14.77bn in October, placing it second among tracked exchanges. CDNA recorded $2.39bn, a 43.0% rise.
Daily records and open interest at Kalshi
Kalshi set a daily record on six October dates, and on 24 October recorded its first day above $5bn, with $5.30bn. The month’s daily average was $3.17bn. Its seven most active consecutive days, from 22 to 28 October, produced $25.84bn, more than a quarter of the monthly total. Reported daily open interest (outstanding positions) topped $2bn for the first time on 23 October and reached a high of $2.17bn on 30 October. October volume was 22.3 times the $4.40bn recorded in October 2025.
The role of combos (parlays) and sports
Combos (multi-leg parlays) drove much of the growth on Kalshi and DKeX. On DKeX, combos represented $3.27bn, or 72.8% of its total, while standalone sports contributed $1.22bn. Combos accounted for 82.0% of DKeX’s monthly increase, versus a 59.0% share in September.
On Underdog, combos totaled $1.54bn ( 77.9% of volume), and standalone sports generated $438.1m. Underdog’s sports volume was almost 3.9 times September’s, reducing combos’ relative share from 84.3%.
Polymarket US increased volume 69.8% versus September and averaged $476.6m daily, up from $290.0m in September. Its daily record was $830.9m on 25 October. On Polymarket US, combos contributed $8.60bn ( 58.2% ), standalone sports $4.57bn (31.0%) and crypto $1.52bn. Non-combo volume was $6.17bn, or 41.8% of the total; about three quarters of that non-combo volume came from sports.
Crypto activity on Polymarket US was 11.6 times higher than in September (from $130.7m to October), making up 10.3% of the month’s volume versus 1.5% in September; that increase followed the U.S. platform’s launch of 15-minute crypto markets on 22 September. Crypto’s share on Kalshi was 11.6%, but the clearest difference between Kalshi and Polymarket US was standalone sports: 18.0% on Kalshi versus 31.0% on Polymarket US, a gap of about 13 percentage points.
Breakdown by sports and leading markets
On Kalshi, excluding combos, football produced $6.27bn, equal to 35.4% of standalone sports volume; that category includes professional and college football. "NFL game-winner" contracts generated $1.71bn; adding spreads, totals and professional touchdown markets, those four series reached $2.64bn. College football (game winners, spreads and totals) added $2.59bn across three series.
Basketball volume on Kalshi was nearly eight times September’s. Football and basketball together added $3.29bn versus September, exceeding the sports standalone net increase of $2.70bn, because declines in baseball and tennis offset some growth.
On Novig, NFL and college football generated $957.2m in October, representing 57.8% of its $1.66bn standalone sports volume; NFL contracts contributed $482.1m and college football $475.1m.
The busiest day in October for DKeX, Novig and Underdog was 25 October, with volumes of $397.3m, $208.7m and $144.6m respectively. Those totals include sports and combos.
Concentration of markets and asset classes
Combos supplied 83.9% of Kalshi’s $37.30bn increase versus September. Non-combo volume reached $31.37bn, a 23.6% rise. Altogether, combos, standalone sports and crypto accounted for 97.7% of Kalshi trading. The top 20 market series explained 90.7% of Kalshi’s volume. Fifteen-minute Bitcoin crypto contracts generated 76.2% of crypto volume, making them the largest independent-market type on Kalshi. Fifteen-minute gold contracts represented 62.5% of commodity volume.
Election markets produced $460.5m, 3.4 times the $136.1m of September; although they grew, elections were under 0.5% of Kalshi’s total volume, but they concentrated 15.8% of the month’s open interest.
"Kalshi recorded its first day above $5bn on 24 October," TickerTracker reported.
Renata Quiroga, Corresponsal de mercados de apuestas.
Frequently Asked Questions
What was Kalshi’s total volume in October 2026?
Kalshi recorded $98.15bn in notional volume in October 2026, a 61.3% increase versus September, according to TickerTracker.
Which exchanges contributed to growth outside Kalshi in October?
DraftKings’ DKeX exchange, Novig and Underdog led expansion outside Kalshi. DKeX grew 148.6%, Novig 126.1% and Underdog 174.7%, and the three added $2.69bn, $1.82bn and $1.26bn respectively.
How did combos influence exchange volumes in October?
Combos (parlays) accounted for the bulk of growth: they supplied 83.9% of Kalshi’s $37.30bn increase versus September, and on DKeX they represented $3.27bn, or 72.8% of its total. TickerTracker counts contracts at full payout value, so a small combo can contribute its full payout to notional volume.
What daily and open interest records did Kalshi set in October?
Kalshi set daily volume records on six October dates and recorded its first day above $5bn on 24 October with $5.30bn; the daily average was $3.17bn. Reported daily open interest topped $2bn on 23 October and reached $2.17bn on 30 October.
Tags
About the author
Renata Quiroga
Betting Markets Correspondent
Renata Quiroga covers sports betting and prediction markets — sportsbook launches, odds technology, event contracts, and the regulatory calls that decide what can be bet on and where. The reports open with the product or the ruling, name operators and platforms precisely, and explain the mechanics without needless jargon. When a book enters a Latin American market or a prediction exchange lists a contested contract, Renata Quiroga reports what changes for the bettor.
More from Renata Quiroga
