As prediction markets continued to gain momentum around the World Cup, Kalshi and Polymarket’s total trade volume surged to a new all-time high in July.
Kalshi, Polymarket, and Polymarket US reported a total monthly trading volume of $50.59 billion in July, up 7.8% from $46.95 billion in June, according to The Block’s data dashboard.
In the last month, Kalshi recorded $37.7 billion, maintaining its dominance. This is a 14% increase from the previous month.
The monthly data notably shows a change in volume between Polymarket and Polymarket US. The U.S. platform’s monthly volume increased 54% to $5 billion, while Polymarket’s decreased 26% to $7.9 billion. Polymarket and Polymarket US’s total volume dropped from $14 billion to $12.9 billion.
In May, the Commodity Futures Trading Commission-regulated U.S. platform removed its original waitlist limitations, making it available to all U.S. consumers. This made it possible for American merchants to lawfully use the site when they had previously avoided regional barriers.
Harry Crane, a statistician at Rutgers University, calculated earlier this year that for the 12 months ending April 30, 2026, around 30% of Polymarket’s primary offshore platform activity was driven by U.S. traders.
The FIFA World Cup, which took place from June 11 to July 19, is responsible for the general increase in volume in July. In only the final match between Argentina and Spain, Kalshi’s prediction market brought in over $1.9 billion. About $4 billion was wagered by Polymarket on who would win the World Cup.
However, open interest on the three prediction market platforms has drastically decreased since the end of the World Cup, from almost $2 billion at the beginning of July to $1.2 billion at the end of the month.
Prediction markets are still subject to legal scrutiny in the United States, mainly for sports-related contracts, despite their increasing activity and validity.
In an effort to prevent event contracts in their individual jurisdictions, more than a dozen state officials have accused Kalshi and Polymarket of running illicit gambling sites.
THE BLOCK: Polymarket, Polymarket US, and Kalshi’s combined monthly volume rose to an all-time high in July, reaching $50.6 billion, according to The Block’s data.
Notably, volume on Polymarket US grew 54% to $5 billion, while Polymarket’s contracted 26% to $7.9 billion. pic.twitter.com/VYftasbdHE
— The Block (@TheBlockCo) August 3, 2026
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