Reports / Q4 2025
Quarterly report
Q4 2025: $31.89B traded on prediction markets
Notional volume across 6 exchanges was $31.89B in the fourth quarter of 2025 (October to December), up 267% from Q3 2025. Kalshi led with a 52.6% share. The busiest day was Sun Dec 21, 2025, at $615M.
Exchanges
Ranked by the quarter's volume. Share change is against Q3 2025.
| # | Exchange | Volume | Share | vs Q3 2025 | Share change |
|---|---|---|---|---|---|
| 1 | Kalshi | $16.79B | 52.6% | 3.7× | +1.1 pts |
| 2 | Polymarket | $13.77B | 43.2% | 3.4× | −3.2 pts |
| 3 | Crypto.com | $955M | 3.0% | opened Aug 5 | new |
| 4 | ForecastEx | $287M | 0.9% | 19.0× | +0.7 pts |
| 5 | Polymarket US | $86.8M | 0.3% | new | new |
| 6 | Gemini | $1.4M | <0.1% | new | new |
By month
| Month | Volume | Daily average | Leader |
|---|---|---|---|
| October 2025 | $8.78B | $283M | Kalshi (50.1%) |
| November 2025 | $10.56B | $352M | Kalshi (55.0%) |
| December 2025 | $12.56B | $405M | Kalshi (52.4%) |
What traded
At exchanges that publish a split.
Busiest days
- Sun Dec 21, 2025: $615M
- Sun Dec 28, 2025: $594M
- Sun Dec 7, 2025: $576M
- Sun Dec 14, 2025: $563M
- Sat Dec 20, 2025: $549M
Q4 2025: questions
How much volume did prediction markets trade in Q4 2025?
$31.89B in notional volume across 6 exchanges, $347M a day, up 267% from Q3 2025.
Which prediction market had the most volume in Q4 2025?
Kalshi. The top three were Kalshi (52.6%), Polymarket (43.2%), Crypto.com (3.0%).
How fast is prediction market volume growing?
Q4 2025 volume was $31.89B, up 267% on the quarter. Growth includes exchanges that opened during the period.
What share of Q4 2025 prediction market volume was sports?
90% at the exchanges that publish a split, including 5% in combos (parlays). Non-sports markets were 10%.
Notional volume: contracts traded × each contract's payout, from each exchange's own daily report. Download every day as CSV · Methods · All reports