Phantom Launches US Prediction Markets Through Kalshi Integration
Phantom, a popular crypto wallet provider, has introduced prediction markets for qualified users in the United States by partnering with Kalshi. This new feature enables users to trade on the prices of cryptocurrencies, sports outcomes, and other real-world events directly within the Phantom app.
The integration with Kalshi introduces Commodity Futures Trading Commission (CFTC)-regulated event contracts, including short-term Bitcoin price markets that settle every 15 minutes. Users can fund their trades using Phantom Cash balances, which are denominated in the stablecoin CASH.
Kalshi is responsible for customer verification, account management, and executing trades, while Phantom facilitates user access through its application. This launch follows a no-action relief granted by the CFTC in March, which permits Phantom to connect users to regulated markets without registering as an introducing broker, provided certain conditions are met.
This service is available through a new "Predict" tab in the Phantom app, with access dependent on the user’s state and the specific market type. Eligible US users can examine live market data, sports results, and market discussions before making trades, using an interface that resembles swapping cryptocurrency tokens.
Phantom's rollout of prediction markets happens amid ongoing legal disputes in the US regarding this sector. Recently, the CFTC filed a lawsuit against the state of Utah after it disputed Kalshi’s event contracts under state gambling laws. This lawsuit adds to a series of conflicts exploring whether federal derivatives regulations override state gambling statutes.
Despite the legal uncertainty surrounding the industry, trading volume continues to increase. Kalshi reported $10.8 billion in cryptocurrency contract volume for the 30-day period ending October 27, a 19.6% rise compared to the previous period, according to data from DeFi Rate.
A chart from DeFi Rate shows Kalshi's trading volume and market share from September 28 to October 27, 2026.
This development enables Phantom users to engage with regulated and diverse prediction markets, broadening access to innovative financial products and real-world event speculation directly via their crypto wallet app.
The significance of this story lies in Phantom’s integration of regulated prediction markets, marking a key advancement in connecting cryptocurrency users with legally compliant trading options while navigating complex regulatory challenges.
Why it matters
Phantom’s integration with Kalshi democratizes access to regulated prediction markets for US crypto users, reflecting growing interest and challenges in bringing innovative financial products to mainstream platforms amid regulatory scrutiny.
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