TLDR
- Kalshi’s 15-minute gold markets recorded 542 million contracts in September, beating Ether’s 318 million.
- Gold markets generated an estimated $5 million in fees, nearly double Ether’s $2.6 million.
- Bitcoin stayed the top market on the platform, producing an estimated $60.4 million in fees for the month.
- Short-duration markets made up about 80% of Kalshi’s non-sports fees in the week through October 5.
- Kalshi’s commodities business reached $400 million in trading volume within seven months, faster than crypto did at the same stage.
Kalshi’s 15-minute gold markets have passed Ether in trading activity. This happened just weeks after the gold product launched.
JUST IN: Kalshi’s 15-min gold markets surpassed Ether in September by contracts and fees, signaling growing retail interest in tokenized metal vs ETH; BTC still leads. $GLD? $ETH pic.twitter.com/5GaVH8XYJZ
— Bpay News (@bpaynews) October 7, 2026
The gold contracts recorded 542 million trades in September. That total is about 70% higher than the 318 million contracts recorded for Ether during the same month.
Bitcoin remained the largest market on the platform by a wide margin. It kept its position as Kalshi’s top performer overall.
Gold contracts let traders bet on whether the price of gold will rise or fall during a 15-minute window. Kalshi launched the product in August, using pricing data from Pyth to settle each market.
Estimated fees from gold trading reached $5 million in September. Ether’s 15-minute contracts produced about $2.6 million in fees over the same period, according to Predict Charts.
Bitcoin still leads both markets by a wide gap. Its 15-minute contracts generated an estimated $60.4 million in fees during September, more than 12 times the gold total.
Short-Duration Markets Drive Fees
Short-duration markets are becoming a larger part of Kalshi’s business outside of sports betting. A report from InGame found that 15-minute crypto, commodity and financial markets produced $20.4 million in fees over the seven days through October 5.
That figure made up about 80% of Kalshi’s total non-sports fees during the week. The platform collected an estimated $25.1 million from non-sports markets over the same period.
These short-term contracts accounted for only 13% of total trading volume on the platform. Despite the smaller share of volume, they generated 20% of fees.
Kalshi’s fee system charges more on contracts priced close to 50/50 odds. Short-duration markets often trade near even odds because traders are predicting price moves over a brief span of time.
Daily fees from these short contracts topped $3 million on four separate days during the week studied. One Friday brought in $3.3 million, based on InGame’s figures.
Commodities Business Expands Quickly
Kalshi’s commodities products have grown fast since launch. The company said on September 8 that commodity markets reached $400 million in trading volume within seven months.
That pace was about twice as fast as crypto markets reached the same volume level when they first launched on the platform.
Commodity markets on Kalshi now include gold, silver, oil, copper and agricultural products. Each market settles using data from outside pricing sources.
The $400 million figure refers to overall commodity trading volume in dollars. It is a separate measure from the 542 million gold contracts recorded in September, which counts individual trades rather than dollar volume.
Kalshi has also filed plans for new perpetual contracts tied to gold, silver and platinum. The company has not given a release date for these products.
The growth in short-duration markets comes as Kalshi expands in other areas. The company was reported to be in talks to raise about $1 billion in new funding at a valuation near $40 billion, up from $22 billion earlier in 2026.
Non-sports markets made up more than a quarter of Kalshi’s estimated fee revenue in September. For 2026 overall through October 6, non-sports markets made up 19.2% of fees, compared with 11% in 2025.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
