Key facts
- Kalshi's 15-minute gold contracts traded 542 million contracts in September.
- Ether's 15-minute contracts traded 318 million contracts in September.
- Kalshi's commodities trading volume reached $400 million in seven months.
- Short-duration markets accounted for 13% of Kalshi's trading volume but 20% of its fees in the week through Oct. 5.
- Kalshi uses a fee formula that depends on contract odds, with higher fees on contracts priced near 50/50 odds.
Kalshi's newly launched 15-minute gold contracts significantly outperformed Ether's contracts in September, generating an estimated $5 million in trading fees compared to Ether's $2.6 million, according to data from Predict Charts. While Bitcoin remained the platform's top earner with $60.4 million in fees, the rapid growth of gold contracts highlights the increasing appeal of short-duration markets.
Launched in August, the 15-minute gold contracts allow traders to speculate on gold price movements over short intervals. This surge in popularity has contributed to Kalshi's broader commodities business expansion, which saw trading volume reach $400 million within seven months, more than four times the volume generated by its crypto markets in the same period.
Data indicates that short-duration financial markets are becoming a larger part of Kalshi's overall business. An InGame analysis found that 15-minute crypto, commodity, and financial markets accounted for 80% of the platform's non-sport fees in the week through October 5, despite making up only 13% of trading volume. This is attributed to Kalshi's fee structure, which charges higher fees as a share of volume on contracts with odds closer to 50/50.