Phantom is rolling out its Kalshi-powered prediction markets to all eligible users in the United States, allowing them to trade on cryptocurrency prices, sports, politics, and other real-world events directly through the wallet app.
The expansion follows Phantom’s initial US rollout on October 23. With the latest update, users can access prediction markets alongside the crypto trading, swapping, and payment features already available in Phantom. The integration is powered by Kalshi, a US-regulated prediction market exchange.
Phantom announced the wider availability on October 28, highlighting markets covering Bitcoin’s next price move, sporting events, and elections. However, access remains subject to identity verification, state-level restrictions, and other eligibility requirements.
Phantom expands access to Kalshi prediction markets
The new feature allows eligible US users to discover and trade event contracts without leaving Phantom’s mobile app. Users can browse markets, review possible outcomes, and take positions based on whether a particular event will occur.
The available categories include:
- Cryptocurrency: Short-term price predictions for assets such as Bitcoin, including contracts that can settle every 15 minutes.
- Sports: Markets covering professional and college sporting events.
- Politics and elections: Contracts tied to political developments and election outcomes where available.
- Economics and current events: Markets covering economic indicators, artificial intelligence, and other developments.
Phantom also includes live market data, sports scores, and discussion features. Each market has a chat where users can exchange views while prices and implied probabilities change.
The interface is designed to resemble a token swap, allowing users to move from viewing a market to placing a trade within the same application.
How Phantom’s prediction markets work
The integration divides responsibilities between Phantom and Kalshi. Phantom provides the app interface, while Kalshi operates the markets and handles account approval, trade execution, event resolution, and settlement.
Users must complete identity verification before trading. Existing Kalshi customers can link their accounts, while eligible Phantom Cash users may be able to reuse previously verified identity details during onboarding.
Trades can be funded through a Phantom Cash balance or supported Solana tokens, depending on the payment route selected. Positions are represented by Solana-based outcome tokens, which users can view in their wallet activity and blockchain explorers.
When a market resolves, Kalshi determines the outcome according to its published rules. Winning payouts and proceeds from completed cash-outs are returned through the supported settlement process. Users should note that selling a position before resolution depends on available liquidity, so an open position may not always be sold immediately at the desired price.
Trading fees and US availability
Phantom’s published fee schedule lists a combined prediction fee of $0.02 per contract, comprising a $0.01 Phantom platform fee and a $0.01 Kalshi exchange fee. Additional network-related charges may apply depending on how a trade is funded.
For example, 100 contracts would incur $2 in combined per-contract fees before any applicable network costs. The total cost and estimated payout are displayed for users to review before confirming an order.
Despite the wider rollout, the service is not available to every US resident or for every market in every state. Users must meet the applicable age and identity requirements, and Kalshi’s jurisdictional restrictions continue to apply. Phantom directs users to review its US prediction market disclosures before participating.
The launch also follows regulatory developments involving the Commodity Futures Trading Commission (CFTC). CFTC staff previously issued conditional no-action relief concerning Phantom’s access model, allowing it to connect users with regulated markets without registering as an introducing broker, subject to the stated conditions. Kalshi remains responsible for operating the exchange and executing event contracts.
Phantom builds on its initial Kalshi launch
The wider rollout follows Phantom’s first US integration with Kalshi, which began expanding access in late October.
Related: Phantom bringing Kalshi prediction markets to US users on Solana.
The latest announcement marks the next stage of that rollout, bringing the feature to all eligible US users rather than introducing an entirely new prediction market product.
The move also reflects a broader trend of crypto wallets adding financial services beyond buying, selling, and holding digital assets. By integrating prediction markets into an existing wallet interface, Phantom is giving users another way to interact with event-based trading without switching to a separate app.
However, prediction markets carry substantial risk. Contract prices can change rapidly, liquidity may be limited, and an incorrect prediction can result in the loss of the entire amount spent. Users should review market rules, fees, eligibility conditions, and potential payouts before placing a trade.
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