TL;DR:
- The Phantom wallet integrated Kalshi event markets for eligible users in the United States on October 28, 2026.
- The feature offers CFTC-regulated event contracts, including 15-minute Bitcoin price settlements funded with the CASH stablecoin.
- Kalshi recorded $10.8 billion in crypto contract trading volume in the 30 days prior to October 27, 2026, a 19.6% increase according to DeFi Rate.
Crypto wallet provider Phantom enabled access to prediction markets for eligible users in the United States through a partnership with Kalshi, allowing them to trade contracts on real-world events and digital asset prices.
The feature was rolled out on Wednesday, October 28, via a new tab called Predict within both the mobile and desktop apps. Phantom reported that participants can execute trades on cryptocurrency prices, sports outcomes, and other current events under a framework of event contracts regulated by the CFTC.
Available instruments include Bitcoin price markets that settle at 15-minute intervals. To fund these positions, clients use Phantom Cash balances denominated in the CASH stablecoin.
The operational architecture divides technical and regulatory responsibilities between both entities. Kalshi manages identity verification (KYC), account compliance, and the formal execution of market orders. Phantom, for its part, acts as the interface channel connecting the end user to the trading infrastructure without directly custodying funds in a traditional custodial manner.
This rollout was made possible following a no-action relief letter granted by the CFTC in March 2026. This legal instrument exempted Phantom from the obligation to formally register as an introducing broker, provided the company adheres to defined regulatory conditions for routing customers to authorized platforms.
Service availability is not uniform across the entire United States. The company specified that access to each category of contracts varies according to individual state laws and geographic eligibility filters applied during registration.
Users with access enabled have real-time data, sports scoreboards, and community discussion boards at their disposal prior to confirming a position. The order placement dynamic adopts a visual design similar to a regular crypto token swap, simplifying the technical learning curve for investors unaccustomed to complex order books.
Jurisdictional Litigation and Operational Volume Expansion
Phantom’s entry into the prediction market comes amid legal disputes between federal regulators and state administrations regarding the legal classification of these instruments in the United States.
On Monday, October 26, 2026, the CFTC filed a lawsuit against the state of Utah. The legal action was in response to measures taken by that state against Kalshi’s event contracts, classifying them as gambling under its local gaming laws, which deepened the debate over whether federal financial derivatives regulations preempt state regulatory frameworks.
Despite friction in the courts, commercial activity in the sector continues to report steady growth. According to data compiled by DeFi Rate as of the close of October 27, Kalshi accumulated $10.8 billion in trading volume within the crypto-linked contracts segment over the preceding 30 days, representing a 19.6% increase compared to the previous measurement period.
The industry is closely monitoring the legal outcome of the federal lawsuits initiated in October 2026, whose ruling will define the operational boundaries for prediction markets in the United States.
