Kalshi的15分钟黄金合约在推出数周内交易量超越以太坊

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快速交易成为主要费用来源，大宗商品市场板块快速增长

在9月份，Kalshi推出的15分钟黄金交易合约交易量达到5.42亿份，超过了以太坊的3.18亿份。来自黄金市场的费用收入约为500万美元，大约是以太币合约产生的260万美元的两倍。比特币在Kalshi平台上继续保持主导地位，每月带来的费用估计为6040万美元。

在10月的第一周，短期市场占该平台所有非体育相关费用的约80%。自推出以来仅七个月内，Kalshi的大宗商品板块实现了4亿美元的交易量，超过了加密货币初期的增长轨迹。

Kalshi新推出的15分钟黄金交易市场在其亮相仅仅几周后，就在整体交易活动中超越了以太坊。

最新消息： Kalshi的15分钟黄金市场在9月份的合约数量和费用方面均超越了以太币，这表明零售投资者对代币化金属与ETH的兴趣日益浓厚；比特币仍然领先。

9月份，这些黄金合约的总交易量达到5.42亿份。这一数字比同一时期以太坊的3.18亿份合约高出约70%。比特币继续在平台上保持其压倒性的领先地位。该加密货币以显著优势保持其作为Kalshi表现最佳资产的地位。

The product allows participants to speculate on price movements over a 15-minute interval. The product was launched in August, and settlement in each market relies on pricing information provided by Pyth. According to Predict Charts, the cost of gold contract activity in September is estimated to total $5 million. At the same time, the 15-minute product of Ethereum brought in approximately $2.6 million in fees over the same window period. Bitcoin continues to significantly outperform both markets. Its 15-minute product generated estimated expenses of approximately $60.4 million in September, more than twelve times gold revenue.

Rapid trading becomes a major source of fees

In addition to sports betting, short-term markets are taking up an increasingly important share of Kalshi's revenue stream. InGame's analysis showed that 15-minute contracts covering cryptocurrencies, commodities and financial instruments incurred $20.4 million in fees during the seven-day period ending October 5. This amount represents approximately 80% of Kalshi's collection of all non-sports expenses that week. During the same time period, the platform's total non-sports expense revenue was estimated at $25.1 million.

Although these fast-turning contracts account for only 13% of the platform's total volume, they provide 20% of total expense revenue. Kalshi's fee structure imposes higher fees on contracts traded at close to equilibrium probability. Short-window markets often hover around even probabilities because participants predict trends over compressed time frames. During the week of analysis, daily expense collections for these short-term products exceeded $3 million on four occasions. Based on InGame calculations,$3.3 million was generated on one Friday alone.

Rapid growth in the commodity market sector

Since its introduction, Kalshi's commodity products have experienced accelerated expansion. On September 8, the company announced that cumulative trading volume in the commodity market exceeded US$400 million in just seven months. This growth rate is approximately twice the rate at which the cryptocurrency market initially achieved comparable volume milestones on the platform.

Kalshi's commodity market lineup currently includes gold, silver, crude oil, copper and agricultural products. Settlement for each market uses data feeds from external pricing providers. This $400 million indicator represents the total trading volume of commodities across dollars. This is different from the September figure of 542 million gold contracts, which calculated the number of individual transactions rather than the value of the currency.

Kalshi has filed regulatory documents proposing to launch new perpetual contract products linked to gold, silver and platinum. A release schedule for these products has not been disclosed.

The surge in short-term market activity coincides with Kalshi's broader expansion efforts. According to reports, the company is negotiating to obtain approximately US$1 billion in new funding at a valuation of approximately US$40 billion, up from US$22 billion in early 2026.

In non-sports categories, more than a quarter of Kalshi's estimated fee revenue in September came from such markets. As of October 6, 2026, the non-sports market contributed 19.2% of expenses, compared to 11% for the full year of 2025.