Prediction market activity continued to accelerate in early November, with Kalshi posting its two highest single-day notional volumes on consecutive days. The exchange reported $5.33 billion traded on Nov. 7 and $5.36 billion on Nov. 8, both surpassing the previous high of $5.30 billion set on Oct. 24.

Notional volume measures each contract at its full $1 payout value and does not equal the capital traders risk. The weekend totals marked the first time Kalshi exceeded $5 billion on two successive days in its daily reporting, which follows U.S. Eastern time. The figures arrived less than a week after the platform handled $4.15 billion on Election Day, Nov. 3, its strongest weekday to date.

Parlay-Style Combos Drive Record Volume

Combo contracts, which bundle multiple outcomes into a single instrument, accounted for the bulk of the new records. They represented 75.6 percent of Saturday’s volume, or $4.03 billion, and 74.6 percent of Sunday’s total, or $4.00 billion. That share aligned with the 75.5 percent recorded on the prior October peak after dipping to 58.6 percent on Election Day, when individual election contracts attracted heavier trading.

Most combo activity concentrated in a single cross-category series that generated $3.92 billion on Saturday and $3.23 billion on Sunday. A second series rose sharply to $763 million on Sunday from $110.3 million the day before. Outside combos, 15-minute bitcoin contracts and football markets filled the remainder. Bitcoin contracts traded $259.4 million on Saturday and $281.8 million on Sunday, while college football and NFL game and spread markets added several hundred million more across the two days.

The records followed an amicus brief filed Nov. 6 by the American Gaming Association in Kalshi’s Second Circuit appeal involving New York. The trade group argued that the platform offers sports bets in the form of point spreads, proposition markets and parlays. The association estimated that users under age 21 had placed $9.5 billion in wagers on Kalshi as of Nov. 2, noting that New York law restricts sports wagering to those 21 and older.

Senator Jeff Merkley of Oregon stated that Democrats should use their incoming congressional majority to address prediction markets through legislation. “We need to rein in this gambling, and with Democrats taking back control of Congress, now is the time for long-overdue legislative action,” he said.

Midterm Contracts Surpass $2.5 Billion

Separately, Kalshi reported that trading in contracts linked to the 2026 U.S. midterm elections has exceeded $2.5 billion. That total approaches twice the $1.3 billion recorded during the platform’s 2024 election cycle. The contracts cover races for the House and Senate, governorships and state offices including attorney general, lieutenant governor and secretary of state.

By early Nov. 4, candidates favored in the contracts had won 479 races, corresponding to an accuracy rate of approximately 98 percent.

Entertainment Markets Exceed Full-Year 2025 Total

Kalshi’s entertainment markets generated $813 million in volume through Sept. 25, 2026, already above the full-year 2025 total of about $300 million and far ahead of the $43 million recorded in 2024. Markets tied to the U.S. and U.K. versions of “Love Island” produced roughly $80 million combined during the summer of 2026.

Women now represent about one-quarter of Kalshi’s user base, a 60 percent increase in their share since 2025. Growth in reality-television contracts has drawn scrutiny. During “Survivor” Season 50, some participants questioned whether trading on the prerecorded show’s outcomes involved insider information. Host Jeff Probst criticized both Kalshi and Polymarket and called for regulation.

Kalshi has discontinued contracts on “Survivor” and “Big Brother.” In June 2026 the Commodity Futures Trading Commission requested public comment on whether reality-television markets should receive the same regulatory treatment as sports betting.

Political Markets and Competitive Dynamics

While Kalshi has led overall volume growth through sports, combos and domestic event contracts, Polymarket continues to hold a dominant position in pure political prediction markets. Recent estimates place Polymarket’s share of political volume near 93 percent in certain periods, with the platform handling substantially higher activity in election-related contracts than regulated competitors during peak political cycles.

The combined expansion of both platforms has occurred alongside rising regulatory attention. Senators have sought information from the exchanges on measures to prevent insider trading in election markets, and state-level challenges continue to test the boundary between event contracts and traditional sports wagering.

Kalshi’s weekend records, the midterm volume milestone and the rapid rise of entertainment markets illustrate the scale of activity now flowing through prediction exchanges. The figures arrive as lawmakers and industry groups intensify debate over the classification and oversight of these products.