TLDR Kalshi’s 15-minute gold markets recorded 542 million contracts in September, ahead of Ether’s 318 million. Gold generated an estimated $5 million in fees, almost double Ether’s $2.6 million. Bitcoin stayed in first place with an estimated $60.4 million in September fees. Fifteen-minute markets produced $20.4 million in fees in the seven days through Oct. 5. Kalshi has filed for perpetual contracts tied to gold, silver and platinum, with no launch date set.
Kalshi’s 15-minute gold markets traded more contracts than comparable Ether markets in September, just weeks after the gold product launched.
Gold markets recorded 542 million contracts during the month, according to data from Predict Charts. Ether-linked 15-minute markets recorded 318 million contracts over the same period.
That put gold roughly 70% ahead of Ether, even though Ether markets had a longer head start on the platform.
Gold Fees Nearly Double Ether’s
Predict Charts estimated that gold markets generated about $5 million in trading fees in September. Ether’s 15-minute markets produced an estimated $2.6 million.
Bitcoin remained far ahead of both. Its comparable markets generated an estimated $60.4 million in fees, more than 12 times the gold total.
These figures are estimates based on Kalshi trade records. They are not revenue numbers reported by the company.
Kalshi launched its 15-minute gold series in August, and contracts were active by Aug. 7. Each contract asks traders whether gold will finish above or below a set price when the window closes. Kalshi uses Pyth pricing data to settle the outcome.
The 318 million Ether figure refers to 15-minute event contracts. It does not include Kalshi’s Ether perpetual futures, which are a separate product.
Short Markets Bring in Most Non-Sports Fees
InGame reported that 15-minute crypto, commodity and financial markets produced $20.4 million in fees during the seven