TLDR
- Crypto wallet Phantom is rolling out Kalshi prediction markets to US users, starting Oct. 23.
- Trades are mainly funded with Phantom’s CASH stablecoin, and users must pass Kalshi’s KYC check.
- Phantom will block some market categories in Michigan, Nevada and Washington.
- The launch follows CFTC no-action relief granted to Phantom in March 2026.
- Kalshi has recorded more than $291 billion in trading volume this year.
Crypto wallet Phantom is rolling out prediction markets to users in the United States. The feature runs on a Kalshi integration and began Friday, Oct. 23. Access will expand over the coming weeks.
LATEST: ⚡ Phantom is rolling out Kalshi prediction markets to US users, letting them trade event contracts in the wallet app and fund positions with its CASH stablecoin. pic.twitter.com/qpz0uCu8gg
— CoinMarketCap (@CoinMarketCap) October 23, 2026
Phantom offers event contracts through a commercial partnership with KalshiEx. Users trade directly in the Phantom app. They must finish Kalshi’s KYC process and link or create a Kalshi account first.
Phantom acts as a non-custodial interface. It does not hold user funds. Users become direct members of Kalshi, which is a CFTC-registered Designated Contract Market and derivatives clearing organization.
How Trading and Fees Work
Users fund trades with CASH, Phantom’s dollar-pegged stablecoin. The money moves from Phantom Cash accounts to Kalshi, where it is converted into fiat for settlement. Cash-outs and winnings return to the Cash accounts.
Phantom quoted a prediction feed of $0.02 per contract. A small network fee applies for moving funds to Kalshi. Users will see a full breakdown before they confirm a trade or cash-out.
Kalshi shares part of the exchange fees from Phantom trades with the wallet company. Phantom General Counsel Kevin Jacobs said “more ways to pay are coming soon.”
Phantom listed risks for users. These include loss of capital, market volatility, liquidity risk, and counterparty and regulatory risk.
Max Crowley, Kalshi’s vice president of business development, said Phantom “did the regulatory work up front.” He said Kalshi expects the partnership to bring more users and increase liquidity. He also said it should improve Kalshi’s market data.
Kalshi is making its full catalog available to Phantom. Phantom decides which markets to display.
State Lawsuits and Restrictions
The launch comes as several states challenge Kalshi’s claim that federal oversight overrides state gambling laws. Jacobs said Phantom is “confident and comfortable” moving forward. He said the CFTC’s jurisdiction is clear.
Phantom will block sports markets in Michigan. In Nevada, it will block sports, elections, politics and entertainment. Washington will see those categories plus culture, science and tech, mentions and geopolitics blocked.
These limits could change as the court cases move forward. Jacobs said Phantom will follow state restrictions while the disputes play out. He expects the Supreme Court may have the final say.
Phantom first added Kalshi prediction markets in December last year. That version was limited for US users and several other regions. In June, the company moved new non-US positions to World Prediction Markets, a non-custodial Solana protocol.
The CFTC gave Phantom a conditional no-action letter in March 2026. It allowed the wallet to connect users to registered exchanges without registering as a broker. Last month, the agency extended that relief to other software providers.
Kalshi has recorded more than $291 billion in trading volume this year, according to The Block data. October volume has reached $55.33 billion with nine days left in the month. That puts it on pace to pass September’s record of $59.32 billion.
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