Phantom Launches Kalshi Prediction Markets for Eligible US Users

Phantom has launched prediction markets for eligible US users through an integration with Kalshi, bringing CFTC-regulated event contracts for cryptocurrency prices, sports and other real-world events into the crypto wallet's app. Its new Predict tab lets users follow live market data, sports scores and discussions before placing trades through an interface designed to resemble a token swap.

Short-term Bitcoin price contracts settle every 15 minutes, while eligible users can fund positions with Phantom Cash balances denominated in the CASH stablecoin. Kalshi handles customer verification, account management and trade execution, while Phantom provides access through its app. Availability varies by US state and market category, so not every user or contract is accessible at launch.

The integration follows no-action relief granted by the Commodity Futures Trading Commission in March. The relief allows Phantom to connect users with regulated markets without registering as an introducing broker, provided it complies with applicable conditions. The arrangement gives Phantom a regulated route to event trading while leaving core brokerage and compliance functions with Kalshi.

Phantom's move comes as Kalshi faces growing legal challenges over state gambling oversight. The CFTC sued Utah on Monday after the state challenged Kalshi's event contracts under its gambling laws, continuing a dispute over whether federal derivatives regulation supersedes state rules. Trading activity continues despite the uncertainty: according to DeFi Rate, Kalshi recorded $10.8 billion in crypto contract volume during the 30 days ending Oct. 27, 2026, up 19.6% from the previous period.