Reports / Q3 2025
Quarterly report
Q3 2025: $8.68B traded on prediction markets
Notional volume across 4 exchanges was $8.68B in the third quarter of 2025 (July to September), up 47% from Q2 2025. Kalshi led with a 51.6% share. The busiest day was Sun Sep 28, 2025, at $370M.
Exchanges
Ranked by the quarter's volume. Share change is against Q2 2025.
| # | Exchange | Volume | Share | vs Q2 2025 | Share change |
|---|---|---|---|---|---|
| 1 | Kalshi | $4.48B | 51.6% | +135% | +19.2 pts |
| 2 | Polymarket | $4.03B | 46.4% | +1.2% | −21.2 pts |
| 3 | Crypto.com | $163M | 1.9% | new | new |
| 4 | ForecastEx | $15.1M | 0.2% | +165% | +0.1 pts |
By month
| Month | Volume | Daily average | Leader |
|---|---|---|---|
| July 2025 | $2.02B | $65.1M | Polymarket (63.1%) |
| August 2025 | $2.01B | $64.9M | Polymarket (54.8%) |
| September 2025 | $4.65B | $155M | Kalshi (61.6%) |
What traded
At exchanges that publish a split.
Busiest days
- Sun Sep 28, 2025: $370M
- Sat Sep 27, 2025: $325M
- Sun Sep 21, 2025: $297M
- Sun Sep 7, 2025: $254M
- Sun Sep 14, 2025: $251M
Q3 2025: questions
How much volume did prediction markets trade in Q3 2025?
$8.68B in notional volume across 4 exchanges, $94.4M a day, up 47% from Q2 2025.
Which prediction market had the most volume in Q3 2025?
Kalshi. The top three were Kalshi (51.6%), Polymarket (46.4%), Crypto.com (1.9%).
How fast is prediction market volume growing?
Q3 2025 volume was $8.68B, up 47% on the quarter. Growth includes exchanges that opened during the period.
What share of Q3 2025 prediction market volume was sports?
83% at the exchanges that publish a split, including <1% in combos (parlays). Non-sports markets were 17%.
Notional volume: contracts traded × each contract's payout, from each exchange's own daily report. Download every day as CSV · Methods · All reports