TLDR
- Kalshi’s 15-minute markets, mostly crypto, earned $20.4 million in fees in the seven days to October 5.
- These markets made up about 80% of Kalshi’s non-sports fees over that period.
- Daily fees from 15-minute crypto markets rose from under $10,000 in January to $2.9 million on one Friday.
- Kalshi’s total 2026 fee revenue has reached $2.04 billion, with non-sports events making up 19.2%.
- Critics compare the markets to slot machines, while Kalshi says they show real price discovery.
Kalshi’s fee revenue from non-sports contracts is on track to top $100 million this month. Most of that growth is coming from one product: 15-minute cryptocurrency markets.
Over the seven days up to October 5, Kalshi’s 15-minute markets brought in $20.4 million in fees, according to InGame. That is about 80% of the company’s non-sports fees for the period.
The 15-minute group also includes newer commodity and financial index markets. The weekly total works out to about $1 billion in yearly revenue if it continues at the same pace.
Non-Sports Fees Grow Faster Than Sports
Kalshi has collected $2.04 billion in fees so far in 2026. Sports still make up most of that total.
Non-sports events account for 19.2% of fee revenue this year, up from 11% in 2025. In September, non-sports fees made up more than 25% of the total.
Non-sports fees hit a record $4.1 million on a single day last Friday. They came just short of $100 million over the last 30 days.
Even without more growth, Kalshi is likely to pass $700 million in non-sports fees this year. That would be a 24-fold increase from 2025.
Crypto Markets Lead the Way
Kalshi launched its 15-minute crypto markets in December 2025. In January, they earned less than $10,000 a day in fees.
By September, that figure had climbed above $2 million per day. Last Friday, 15-minute crypto markets alone brought in $2.9 million.
In the last week, Kalshi made $25.1 million in non-sports fees, compared with $73.5 million from sports. Outside the 15-minute markets, non-sports fees totaled $4.8 million, with $3.8 million of that from hourly or daily crypto, commodity, or index markets.
The 15-minute markets made up 13% of trading volume but 20% of fees over the past week. Kalshi’s fee formula charges more on contracts priced near 50/50 odds, and short-term price moves often keep these markets close to even.
Some critics have compared the markets to gambling. Gambling newsletter Earnings + More said in August that they echo in-play betting more than investing.
A problem gambling counselor at Maryhaven in Ohio told NPR last week that the markets are like slot machines.
Kalshi says real price discovery happens on these markets. Research from forecasting platform Synth in August found Kalshi prices were increasingly predicting later moves in Bitcoin on Binance.
Unlike sports contracts, Kalshi’s crypto markets have faced few legal challenges. Because they are tied to a financial asset, they may fit more clearly under the Commodity Exchange Act’s definition of a swap.
Minnesota tried to ban all prediction market contracts, but a federal judge put that law on hold. Nevada has applied its gaming laws to some entertainment and election contracts, but not crypto.
The 2026 midterm elections could shift the balance of non-sports revenue. Kalshi’s market on control of Congress has already drawn more than $30 million in volume, and its Texas Senate market more than $20 million.
