Dune Analytics: Polymarket's global trading volumes have fallen behind Kalshi in recent months; sources: product delays are contributing to Polymarket's decline
Polymarket, the long-time leader in prediction market trading volume, has fallen behind its chief rival as it faces a growing list …
Lead Source
How this story grew
Coverage
More
Discussion
TechSnif Coverage
Polymarket Loses Prediction Market Crown to Rival Kalshi
Polymarket's trading volumes have slipped behind Kalshi as product delays drag down the once-dominant prediction market platform.
Polymarket just got dethroned. The prediction market platform that long dominated trading volumes has now fallen behind rival Kalshi, according to data from Dune Analytics.
The decline isn't a mystery. Sources point to product delays as a key factor dragging Polymarket down. While the platform once set the pace for the entire prediction market space, those execution stumbles have opened the door for Kalshi to grab the lead in global trading volumes.
It's a notable reversal. Polymarket built its reputation as the go-to platform for betting on real-world events, attracting massive attention during major political and cultural moments. But momentum is a fickle thing in crypto-adjacent markets.
Kalshi, meanwhile, has been steadily building its position. The shift in volume rankings signals that Polymarket's window to course-correct is narrowing fast.