Kalshi’s 15-minute gold markets generated roughly double the estimated trading fees of the equivalent ether market in September, just weeks after their August launch.
The gold contract, which allows traders to take positions on whether the price of gold will rise or fall in 15-minute intervals, generated an estimated $5 million a month in fees, compared to $2.6 million for the ether contract. According to To predict the chart. Bitcoin remains the dominant market, generating an estimated $60.4 million in fees.
The short-term gold market grew due to the expansion of Kalshi’s extensive commodity business. Company said Trading volume for the commodity reached $400 million in seven months in September, more than four times the volume of the crypto market during the same period.
“Crypto markets have demonstrated the potential of new segments in Kalshi to scale from millions to billions in monthly volume,” the company said.
Data shows that after launching in December, the 15-minute bitcoin markets became Kalshi’s largest market series outside of parlays in July. Short-term Ether contracts also grew rapidly, rising from 6.1 million to 233 million contracts between January and July 2026.
But despite ether’s 15-minute contracts climbing to another 318 million in September, they were outpaced by gold, which recorded 542 million contracts traded that month.
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Short-term markets make up most of the non-sport fees
Short-term financial markets are also becoming a major 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 to October 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 last week, short-term markets accounted for 13% of Kalshi’s trading volume but 20% of its fees.
“That’s because Kalshi uses a fee formula that depends on a deal’s odds — the fee is higher as a share of volume on contracts priced closer to 50/50 than on the most preferred or longshots,” wrote InGame journalist Daniel O’Boyle.
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