Kalshi 15-Min Gold Markets Top Ether With $5M in September Fees

Prediction market platform Kalshi saw its 15-minute gold contracts generate approximately $5 million in estimated trading fees in September, nearly double the $2.6 million earned by equivalent Ether markets, just weeks after their August launch. According to data from Predict Charts, gold recorded 542 million contracts traded during the month, surpassing Ether's 318 million contracts. Despite the gold surge, Bitcoin remained the dominant market on the platform, generating $60.4 million in estimated fees.

The rapid growth of short-duration gold markets reflects broader expansion in Kalshi's commodities business. The company announced in September that commodities trading volume had reached $400 million within seven months—more than four times the volume its crypto markets had generated at the same stage. Earlier data showed that 15-minute Bitcoin markets, launched in December, became Kalshi's largest market series outside parlays by July, while short-duration Ether contracts grew from 6.1 million to 233 million between January and July 2026 before reaching 318 million in September.

Short-duration markets are now driving an outsized share of Kalshi's revenue. An InGame analysis published Tuesday found that 15-minute crypto, commodity, and financial markets generated $20.4 million in fees in the seven days through October 5, accounting for 80% of the platform's non-sports fees during that period. InGame journalist Daniel O'Boyle noted that these markets produced 13% of trading volume but 20% of fees, explaining that Kalshi's fee formula is weighted toward contracts priced near 50/50 odds, where fees represent a larger share of volume compared to heavy favorites or longshots. Kalshi is currently in advanced talks to raise new funding at a $40 billion valuation, according to Reuters.