Written by Nate Kostarstaff writerEdited by Robert Lakinstaff editorPhantom launches Kalshi-powered prediction markets for US users
Latest NewsPublishedOct 28, 2026
The crypto wallet’s new integration offers CFTC-regulated event contracts through Kalshi, as prediction markets face growing legal challenges in the US.
Crypto wallet provider Phantom has launched prediction markets for eligible US users through an integration with Kalshi, allowing them to trade on crypto prices, sports and other real-world events directly within its app.
According to Wednesday’s announcement, the integration offers CFTC-regulated event contracts, including short-term Bitcoin price markets that settle every 15 minutes. Trades can be funded through Phantom Cash balances, denominated in the CASH stablecoin.
Kalshi handles customer verification, account management and trade execution, while Phantom provides access through its app. The launch follows no-action relief granted by the Commodity Futures Trading Commission (CFTC) in March, allowing Phantom to connect users to regulated markets without registering as an introducing broker, subject to certain conditions.
The service is rolling out through a new Predict tab in Phantom, with availability varying by state and market category. Eligible US users can view live market data, sports scores and market discussions before placing trades through an interface similar to a cryptocurrency token swap.
Related: Pentagon bans US forces from using military info to bet in prediction markets
Kalshi’s legal battles continue as trading volumes rise
Phantom’s entry into prediction markets comes amid a widening legal dispute over the industry in the US. On Monday, the Commodity Futures Trading Commission sued Utah after the state challenged Kalshi’s event contracts under its gambling laws, adding to a series of cases over whether federal derivatives regulation supersedes state gambling laws.
Despite the legal uncertainty, trading activity continues to grow. Kalshi recorded $10.8 billion in crypto contract volume over the 30 days ending Oct. 27, up 19.6% from the previous period, according to data compiled by DeFi Rate.
Kalshi trading volume and market share from Sept. 28 to Oct. 27, 2026. Source: DeFi Rate
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