Phantom wallet brings Kalshi prediction markets to US users

24 Oct 2026

24 Oct 2026, 01:53 UTC+02:00

Crypto wallet Phantom is turning into a trading front end for prediction markets. The company began rolling out Kalshi event contracts to US users on Friday, 23 October, with access expanding over the coming weeks. Users need to complete KYC with Kalshi before they can trade.

How it works

Trades are funded with CASH, Phantom’s dollar pegged stablecoin, from users’ Phantom Cash accounts. Funds move to Kalshi and are converted to fiat for settlement, and cash outs and winnings come back to the Cash account. Phantom quoted a fee of $0.02 per contract plus a small network fee for moving funds, with a breakdown shown before each trade. General Counsel Kevin Jacobs said “more ways to pay are coming soon.”

Kalshi is offering its full catalog, and Phantom decides which markets to display. According to The Block’s data, Kalshi has recorded more than $291 billion in trading volume this year, and October was on pace to beat September’s record of $59.32 billion.

State restrictions

The launch comes while several states argue that Kalshi’s event contracts fall under their gambling laws. Phantom will block sports markets in Michigan; sports, elections, politics and entertainment in Nevada; and those categories plus culture, science and tech, mentions and geopolitics in Washington. The restrictions could change as the court cases develop.

Jacobs said the company is “confident and comfortable” because “the CFTC’s jurisdiction here is clear.” Phantom received a conditional no-action letter from the Commodity Futures Trading Commission in March that relieves it from registering as a broker, and the CFTC extended similar relief to other software providers last month. He expects the Supreme Court to have the final word.

What it means for traders

• Wallets become brokers: self custody apps are adding regulated trading products, which brings KYC into wallets that used to need none.
• Check local rules: availability depends on your state, and outside the US these markets are generally not offered.
• Compare costs: a fixed per contract fee can be expensive on small positions. See our crypto exchange fee index for exchange trading costs and our exchange comparison for regulated alternatives. Not financial advice.

Sources

• The Block: Phantom rolls out Kalshi prediction markets to US users, says it's 'confident and comfortable' amid state lawsuits

News is for information only and is not financial advice. More crypto news