Trading Volume Surpassed

Gold recorded 542 million contracts and an estimated $5 million in fees in September, surpassing Ether’s 318 million contracts and $2.6 million, though Bitcoin remained far ahead. Kalshi’s 15-minute gold markets generated nearly twice the estimated trading fees of equivalent Ether markets in September, just weeks after their August launch.

Market Growth

The growth in short-duration gold markets comes as Kalshi’s broader commodities business has been expanding. The company said in September that commodities trading volume had reached $400 million within seven months, more than four times the volume its crypto markets had generated at the same stage.

Bitcoin Remains Dominant

Bitcoin remained the dominant market, generating $60.4 million in estimated fees. The short-duration Ether contracts also saw rapid growth, increasing to 233 million contracts from 6.1 million between January and July 2026. But despite Ether’s 15-minute contracts climbing further to 318 million in September, they were overtaken by gold, which recorded 542 million contracts traded that month.

Kalshi’s Expansion

Data show that after launching in December, 15-minute Bitcoin markets became Kalshi’s biggest market series outside parlays in July. The short-duration Ether contracts also saw rapid growth, increasing to 233 million contracts from 6.1 million between January and July 2026. But despite Ether’s 15-minute contracts climbing further to 318 million in September, they were overtaken by gold, which recorded 542 million contracts traded that month.

Short-Duration Markets

Short duration financial markets are also becoming a larger part of Kalshi’s business. An InGame analysis on Tuesday found that 15-minute crypto, commodity and financial markets generated $20.4 million in fees in the seven days through Oct. 5, accounting for 80% of the platform’s non-sport fees during the period. The analysis also found that 15-minute markets generate higher fees. InGame estimated that over the last week, short-duration markets accounted for 13% of Kalshi’s trading volume but 20% of its fees. ‘This is because Kalshi uses a fee formula that depends on the odds of a contract — fees are higher as a share of volume on contracts priced at close to 50/50 odds than they would be on the biggest favorites or longshots,’ wrote InGame journalist Daniel O’Boyle.

Conclusion

The growth in short-duration gold markets comes as Kalshi’s broader commodities business expands, with the company reporting a 400% increase in trading volume within seven months. Bitcoin remains the dominant market, but short-duration gold markets are gaining traction.