Kalshi and Polymarket closed November with record activity, marking the strongest month on record for centralized and onchain prediction markets. Kalshi posted $5.8 billion in volume, a 32% increase from October, while Polymarket reported $3.74 billion, up nearly 24%. The two platforms continue to capture the bulk of sector-wide flows amid rising retail participation and an expanding set of market integrations.
The growth underscores a consolidation trend that positions the pair as a dominant force in global prediction markets. Both platforms have also benefited from sustained interest in election, macroeconomic, and geopolitical contracts, which continue to anchor liquidity and user engagement.
Institutional traction also accelerated in recent weeks. Kalshi doubled its valuation following a large funding round, while Polymarket resumed its US operations after securing a regulatory green light. New distribution agreements and potential liquidity partnerships point to increasing institutionalization of the category.
