TLDR
- Kalshi’s 15-minute gold markets recorded 542 million contracts in September, ahead of Ether’s 318 million.
- Gold generated an estimated $5 million in fees, almost double Ether’s $2.6 million.
- Bitcoin stayed in first place with an estimated $60.4 million in September fees.
- Fifteen-minute markets produced $20.4 million in fees in the seven days through Oct. 5.
- Kalshi has filed for perpetual contracts tied to gold, silver and platinum, with no launch date set.
Kalshi’s 15-minute gold markets traded more contracts than comparable Ether markets in September, just weeks after the gold product launched.
Gold markets recorded 542 million contracts during the month, according to data from Predict Charts. Ether-linked 15-minute markets recorded 318 million contracts over the same period.
That put gold roughly 70% ahead of Ether, even though Ether markets had a longer head start on the platform.
Gold Fees Nearly Double Ether’s
Predict Charts estimated that gold markets generated about $5 million in trading fees in September. Ether’s 15-minute markets produced an estimated $2.6 million.
Bitcoin remained far ahead of both. Its comparable markets generated an estimated $60.4 million in fees, more than 12 times the gold total.
These figures are estimates based on Kalshi trade records. They are not revenue numbers reported by the company.
Kalshi launched its 15-minute gold series in August, and contracts were active by Aug. 7. Each contract asks traders whether gold will finish above or below a set price when the window closes. Kalshi uses Pyth pricing data to settle the outcome.
The 318 million Ether figure refers to 15-minute event contracts. It does not include Kalshi’s Ether perpetual futures, which are a separate product.
Short Markets Bring in Most Non-Sports Fees
InGame reported that 15-minute crypto, commodity and financial markets produced $20.4 million in fees during the seven days through Oct. 5. Kalshi collected an estimated $25.1 million from all non-sports markets in that period.
That means short-duration products made up about 80% of non-sports fees. They accounted for only 13% of Kalshi’s total volume but 20% of its total fees.
Kalshi’s fee structure helps explain the gap. Fees peak on contracts trading near 50 cents, and short-term price markets often trade near even odds.
On four days during that week, 15-minute products brought in $3 million or more in estimated daily fees. The highest daily total reached $3.3 million.
Crypto remains the largest part of the 15-minute group. Its daily fees were below $10,000 in January but passed $2 million per day in September.
Non-sports markets made up more than 25% of Kalshi’s estimated fee revenue in September. For 2026 through Oct. 6, their share was 19.2%, up from 11% in 2025.
Kalshi said on Sept. 8 that its commodity markets reached $400 million in total trading volume within seven months. The company said that took about half the time its crypto category needed.
Commodity markets on Kalshi now include gold, silver, oil, copper and agricultural products. A single gold contract on Sept. 25 recorded more than $386,000 in volume.
The company is also in talks to raise about $1 billion at a valuation near $40 billion, up from $22 billion earlier in 2026. That round had not been confirmed as complete as of the latest report.
Kalshi said in September that it filed to offer perpetual contracts tied to gold, silver and platinum. It has not given a launch date.
