Kalshi reported $5.33 B and $5.36 B in notional volume on Nov. 7‑8, breaking its October record twice as parlay contracts dominate trading.
Kalshi, the U.S.‑based event‑prediction exchange, posted notional trading volumes of $5.33 billion on Saturday, Nov. 7, and $5.36 billion on Sunday, Nov. 8, according to the platform’s daily market data. Both figures eclipsed the previous record of $5.30 billion set on Oct. 24, marking the first instance the exchange has exceeded $5 billion in volume on two consecutive days.
Parlay‑style combos—contracts that bundle multiple outcomes—made up 75.6 % of Saturday’s volume and 74.6 % on Sunday, according to Kalshi’s data. The combined value of these combos was $4.03 billion on Saturday and $4.00 billion on Sunday, returning to the 75 % share seen on Oct. 24 after a dip to 58.6 % on Election Day, Nov. 3. A single cross‑category combo series alone generated $3.92 billion on Saturday and $3.23 billion on Sunday.
Bitcoin contracts continued to attract attention, with 15‑minute Bitcoin contracts trading $259.4 million on Saturday and $281.8 million on Sunday. College football and NFL game markets followed closely, each moving roughly $250 million daily, while spreads added another $80 million each day.
The weekend’s record‑setting activity came a day after the American Gaming Association (AGA) filed an amicus brief in the Second Circuit, asserting that Kalshi’s parlays are “garden‑variety sports bets.” The brief highlighted that two‑thirds of Kalshi’s volume consists of parlays, many of which involve ten or more legs, and cited examples such as a 21‑leg parlay spanning games in 11 cities and a 453‑leg “centipede” parlay. The AGA also noted that users under 21 have wagered $9.5 billion on Kalshi, despite New York law prohibiting sports wagering for those under 21. The filing adds to growing congressional interest, with Senator Jeff Merkley urging Democrats to consider legislation to curb prediction markets.
The outcome of Kalshi’s appeal in the Second Circuit will be closely monitored for its impact on the classification of prediction‑market contracts. Additional regulatory actions at the state and federal level, particularly concerning under‑21 participation, could shape the platform’s product mix. Market participants will also be watching whether the dominance of parlay contracts persists or if single‑event markets regain share in the coming weeks.
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