Phantom rolls out Kalshi prediction markets to eligible US users

What happened

Phantom announced on Wednesday that eligible US users can access prediction markets through an integration with Kalshi. The wallet said the service covers crypto prices, sports and other real-world events, and includes CFTC-regulated event contracts such as short-term Bitcoin price markets that settle every 15 minutes. Trades can be funded from Phantom Cash balances, which are denominated in the CASH stablecoin. Kalshi is responsible for customer verification, account management and trade execution, while Phantom provides access through its app.

The feature is being introduced through a new Predict tab, with access expanding gradually. Crypto Daily reported that Phantom began rolling it out to US users on Oct. 23. After completing Kalshi identity verification, users can view live market data, sports scores and market discussions before placing a position without leaving the wallet. Positions are represented as Solana SPL tokens. Cash-funded trades can be gasless, although Phantom says users should keep some SOL for network fees when using certain payment methods. If a contract resolves in the user's favor, Phantom automatically initiates the transfer of available proceeds to the user's Cash account.

Availability differs by state and by market category. The Block reported that Phantom applies restrictions in Michigan, Nevada and Washington depending on the type of event contract. Those limits reflect continuing legal disputes over how prediction markets interact with state gambling laws. Phantom has said it is comfortable operating under the federal regulatory framework while complying with applicable restrictions.

Why it matters

The launch pushes Phantom beyond token storage and DeFi access into regulated event contracts. It gives Kalshi a route into a major wallet's user base and gives Phantom another financial service inside a single app. Wallet providers are increasingly competing on how many services they can offer, not only on security and supported blockchains, as they seek to become the main interface for onchain finance.

The arrangement also has regulatory weight. Phantom sought clarification from the CFTC on whether a non-custodial interface linking users to a regulated exchange would need to register as an introducing broker. The agency granted conditional no-action relief in March, which Phantom says provided the basis for the US integration. At the same time, prediction markets carry separate regulatory, liquidity and loss risks; Phantom warns that pricing can be volatile and that users may lose the full amount allocated to a contract.

What the data shows

Kalshi recorded $10.8 billion in crypto contract volume in the 30 days ending Oct. 27, up 19.6% from the prior period, according to DeFi Rate. The Block reported that Kalshi had more than $291 billion in total trading volume in 2026 by late October, with October volume alone above $55 billion by Oct. 23.

Background

Phantom began as a Solana-focused wallet, and Solana infrastructure remains central to the product. Prediction positions appear as SPL tokens, and supported Solana-based assets can be used to fund trades. The company's expansion reflects a wider trend in which wallets are adding services that were once handled by separate platforms.

The CFTC relief followed Phantom's request for clarity on the introducing-broker question. The conditional no-action position allowed the company to connect users to regulated markets without registering, subject to conditions. The launch also comes amid a widening legal fight. On Monday, the CFTC sued Utah after the state challenged Kalshi's event contracts under its gambling laws, adding to cases over whether federal derivatives regulation supersedes state gambling rules.

What is still unclear

It is not yet clear how quickly Phantom will expand availability across states and contract categories, or how broadly the service will be offered. The reports describe a gradual rollout and state-specific limits rather than a uniform national launch.

What to watch

A key variable is the state and federal litigation over prediction markets. Further challenges to Kalshi's contracts, or rulings on federal preemption of state gambling laws, could affect which markets remain accessible through Phantom.

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