TLDR
- Kalshi’s 15-minute markets brought in $20.4 million in fees over the seven days to Oct. 5, about 80% of its non-sports fees.
- Daily fees from 15-minute crypto markets rose from under $10,000 in January to $2.9 million last Friday.
- Kalshi has made $2.04 billion in total fees in 2026, with non-sports events making up 19.2%, up from 11% in 2025.
- Critics compare the markets to slot machines, while Kalshi says they show real price discovery.
- The 2026 midterm elections could shift Kalshi’s non-sports revenue away from crypto.
Kalshi’s fee revenue from non-sports contracts is growing faster than its sports business. Most of that growth comes from one product: 15-minute cryptocurrency markets.
These short-term markets, along with similar 15-minute commodity and finance contracts, brought in $20.4 million in fees over the seven days to Oct. 5. That is around 80% of Kalshi’s non-sports fees, according to data reported by InGame.
The weekly figure equals about $1 billion in yearly revenue. It is also more than Kalshi earned from non-parlay football bets over the same period.
Kalshi Crypto Markets Grow From Almost Nothing
Kalshi launched its 15-minute crypto markets in December 2025. In January, they brought in less than $10,000 a day in fees.
By September, those markets were making more than $2 million a day. Last Friday, they brought in $2.9 million.
When commodity and financial index contracts are included, 15-minute markets passed $3 million in daily fees four times last week. They hit $3.3 million on Friday.
Over the past seven days, Kalshi collected $25.1 million in non-sports fees and $73.5 million in sports fees. Of the remaining $4.8 million in non-sports fees, $3.8 million came from hourly or daily crypto, commodity, and index markets.
Kalshi has made $2.04 billion in fees so far in 2026. Non-sports events make up 19.2% of that, up from 11% in 2025.
Non-sports fees reached a record $4.1 million on Friday. The company is on pace to pass $700 million in non-sports fees this year, a 24-fold rise from 2025.
Why 15-Minute Markets Earn More in Fees
The 15-minute markets made up 13% of Kalshi’s volume over the last week but 20% of its fees. Kalshi charges higher fees on contracts priced near 50/50 odds.
Short-term crypto and stock index price moves are close to random. As a result, these markets often trade near 50% on each side.
Some critics have compared the products to gambling. In August, the newsletter Earnings + More said the markets echo in-play betting more than investing. A problem gambling counselor in Ohio compared them to slot machines in an NPR article.
Kalshi disagrees. Research from forecasting platform Synth in August found that Kalshi prices were increasingly predicting later moves in Bitcoin on Binance.
Kalshi Head of Crypto John Wang said traders use models built on order flow, futures, and other data to forecast prices seconds ahead. He said prediction markets are forward-looking in a way spot prices are not.
Unlike Kalshi’s sports contracts, the crypto markets have faced few legal challenges. Many court rulings against sports contracts have centered on whether they meet the legal definition of a swap.
Because crypto contracts are tied to a financial asset, that link is seen as less open to debate. Minnesota tried to ban all prediction market contracts, but a federal judge put that law on hold.
The 2026 midterm elections could shift the mix of non-sports revenue. Kalshi’s market on control of Congress has drawn more than $30 million in volume, and its Texas Senate market more than $20 million.
In September, non-sports fees made up more than 25% of Kalshi’s total. The company is on course for a similar share in October.
