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- Kalshi’s short-duration commodity markets are rapidly scaling, with its 15-minute gold contracts generating 542 million trades and an estimated $5 million in fee revenue during September, officially outpacing the platform’s Ether-linked markets.
- While Bitcoin remains the exchange’s dominant short-duration market—driving a massive $60.4 million in September fees—the surge in gold trading highlights a broader shift for the prediction market operator. Kalshi’s newly launched commodities segment crossed $400 million in cumulative volume within just seven months, and the company is now pushing to expand the vertical further by filing for perpetual contracts tied to gold, silver, and platinum.
Kalshi’s 15-minute gold markets generated 542 million contracts in September, surpassing the platform’s Ether-linked short-duration markets, which totaled 318 million, according to a report published Oct. 7.
The figures matter because they show how quickly Kalshi’s commodity offering is scaling inside its event-contract business. The same report said gold’s short-duration markets also produced more estimated trading fees than Ether’s, even though Bitcoin remained the company’s biggest short-duration market by fee revenue.
Estimated September trading fees from Kalshi’s gold markets were $5 million, compared with $2.6 million for Ether’s 15-minute contracts. Bitcoin’s estimated September fee total was $60.4 million, keeping it well ahead of both categories.
Gold outpaced Ether on both contracts and fees
The source article said gold’s September contract count exceeded Ether’s by about 70%. It also cited data showing that 15-minute markets were a relatively small share of total platform activity but a larger share of revenue generation.
According to InGame data cited in the report, 15-minute markets accounted for 13% of Kalshi’s overall volume in the seven days through Oct. 5, but generated 20% of its fees over that span.
That helps explain why short-duration contracts have become an important product area for Kalshi. The report also said roughly 25% of Kalshi’s estimated September fee revenue came from non-sports markets, driven heavily by the rapid rise of each active prediction market segment specializing in high-frequency financial and commodity contracts..
Commodities have become a fast-growing Kalshi category
Kalshi said its commodity markets segment reached $400 million in cumulative trading volume within seven months of debut. The company also said the category was growing at roughly double the speed of its crypto markets during a comparable early period.
The report said gold’s 15-minute markets were active on Kalshi by Aug. 7. By Sept. 8, Kalshi said its commodity markets had already reached the $400 million cumulative volume mark.
Kalshi has also filed for perpetual contracts tied to gold, silver and platinum, according to the report. Settlement for those commodity contracts relies on Pyth pricing data.
What comes next is whether Kalshi moves forward with those proposed perpetual products and whether commodities can keep taking share from crypto-linked short-duration markets on the platform. Based on September’s numbers, gold is already a meaningful part of that push.
Source: As reported by news.google.com.
