Phantom has launched Kalshi-powered prediction markets for eligible U.S. users, with a flat $0.02 fee per contract traded. Linked Kalshi accounts maintain separate balances, while funding and
Phantom is expanding beyond cryptocurrency trading by introducing Kalshi prediction markets to eligible U.S. users, bringing event-based derivatives into an application already used to manage digital assets.
The October 28 announcement follows the start of a phased rollout on October 23.
Customers can access contracts covering cryptocurrency prices, sports, economic indicators and political events through the wallet’s Predict tab.
The integration creates a new distribution channel for Kalshi and a transaction-based revenue stream for Phantom. It also introduces operational differences from conventional wallet trading, including separate exchange balances, identity verification and contract-specific settlement procedures.
Phantom’s official trading documentation specifies a flat fee of $0.02 per contract traded, divided equally between the two companies. Phantom charges $0.01, while Kalshi receives the remaining $0.01.
Consider a hypothetical purchase of 200 Yes contracts at $0.50 each. The underlying position costs $100, with another $4 added in trading fees.
Trading Cost Analysis The Economics of a Prediction Trade Illustrative position: 200 Yes contracts purchased at $0.50 each Transaction Component Amount Contract purchase 200 × $0.50 $100.00 Phantom platform fee $0.01 per contract $2.00 Kalshi exchange fee $0.01 per contract $2.00 Total Entry Cost $104.00 Gross winning payout $1 per winning contract $200.00 Illustrative Profit Before additional costs $96.00 Methodology: Assumes 200 contracts at $0.50, held to a winning settlement, with a $0.02 fee per contract. Excludes applicable funding, network and early-exit costs. Actual charges may vary.Illustrative calculation based on the published per-contract fee. Excludes applicable funding, network and early-exit costs.
The calculation assumes the investor holds the position until settlement. If the contract expires worthless, the entire $104 outlay is lost.
Closing a position early can generate another trading charge. For 200 contracts, that would add $4, excluding any price movement or other costs.
The flat structure also creates an important difference from Kalshi’s general direct-trading schedule, which applies price-sensitive fees to many markets. Customers comparing execution routes should examine the final order quote rather than assume identical costs.
Phantom says trades funded from its Cash account are gasless, while transactions using tokens from a Solana portfolio require SOL for blockchain fees. Its documentation also identifies a variable network fee associated with moving funds and supporting gasless transactions. Any applicable charge is reflected in the transaction quote.
Phantom’s interface allows existing Kalshi customers to connect their accounts, but the integration does not consolidate their balances.
According to Phantom’s identity-verification guide, funds held on Kalshi’s website or mobile application are not visible inside Phantom or included in the wallet’s Cash balance.
Money available through one interface therefore cannot automatically be used to trade through the other.
For new customers, the onboarding process begins in the Predict tab. Users enter a U.S. phone number, confirm a verification code and complete the required identity checks before trading.
Existing Kalshi customers can link their accounts through a one-time code sent to their registered contact. Additional verification may still be required.
Depending on the information already available, the process can involve personal identification details, government-issued documents or further checks. Phantom identifies Socure as a verification provider that may be used for document review and live-selfie verification.
These are documented onboarding requirements rather than observations from an independently tested account.
The account separation is especially relevant for customers accustomed to treating a connected wallet as a single consolidated financial balance.
Prediction-market transactions involve more than transferring tokens from one wallet address to another.
When a customer places an order, funds move from the selected Phantom payment source to Kalshi. The exchange must make those funds available before the contract purchase can complete.
After a position is sold or a winning market settles, proceeds become available at Kalshi. Stripe then processes the transfer back to the customer’s Phantom Cash account.
Phantom’s trading guide says these transfers generally take seconds to minutes. A winning position may therefore appear in transaction history before the corresponding money reaches the wallet balance.
Customers can also encounter unsuccessful purchases after funds have been transferred, particularly when a quoted price changes or an order expires. The money must then be returned through the applicable processing route.
Kalshi determines market outcomes under its published rules. Phantom provides access to the contracts but does not independently resolve disputes over whether an event occurred.
For short-duration markets, these operational steps matter alongside the trading fee. A contract offering a small potential gain may become uneconomic once entry costs, exit charges and available liquidity are considered.
The legal foundation of Phantom’s integration is CFTC Staff Letter No. 26-09, issued March 17, 2026.
The Commodity Futures Trading Commission’s Market Participants Division agreed not to recommend enforcement action against Phantom or specified personnel for failing to register as an introducing broker or associated persons when conducting the proposed activities under the letter’s conditions.
The distinction is significant because some of those activities would ordinarily trigger registration requirements.
Phantom sought a specific regulatory position for its non-custodial software model rather than relying entirely on earlier precedents covering technology service providers.
In an October 23 explanation, Phantom General Counsel Kevin Jacobs described the company’s effort to establish how a wallet interface could connect customers to regulated derivatives markets without itself becoming a registered broker.
Kalshi remains responsible for operating the exchange, approving customer accounts and executing trades. Its clearing infrastructure handles the relevant settlement obligations.
The relief is conditional staff enforcement guidance, not an unrestricted exemption from derivatives regulation.
Phantom’s launch also comes amid an escalating dispute over whether federally regulated event contracts can be restricted under state gambling laws.
On October 20, Utah Attorney General Derek Brown filed a verified complaint against Kalshiand affiliated defendants in the state’s Third Judicial District Court.
The complaint alleges that certain sports, election and other event contracts constitute illegal gambling under Utah law. The state seeks restrictions on the offering of those contracts to residents, along with financial remedies.
Kalshi disputes the characterization of its contracts as unlawful gambling and argues that federally regulated derivatives fall within the CFTC’s jurisdiction.
The lawsuit follows an August federal court ruling allowing Utah to enforce its gambling restrictions against Kalshi, an outcome the exchange challenged.
The October complaint’s allegations have not been established as findings of liability.
For Phantom, the practical consequence is that access to a CFTC-regulated exchange does not necessarily translate into unrestricted product availability across all states. Contract categories and eligibility remain subject to applicable jurisdictional restrictions.
Phantom’s U.S. prediction-market disclosures, updated October 22, reveal that Kalshi shares a portion of its exchange-fee revenue with the wallet provider.
The agreement also requires Phantom to give Kalshi’s markets prominent placement within the application for a period following launch.
Phantom explicitly acknowledges that earning revenue from trading activity creates an incentive to encourage transactions.
The company states that it does not act as a market maker, take positions against customers or benefit directly from their losses. Its commercial interest nevertheless increases with activity routed through its interface.
The percentage of exchange revenue shared between the companies has not been disclosed.
Neither has Phantom published prediction-market trading volumes, customer conversion figures or financial projections for the integration.
Those figures will determine whether the new service becomes a material business line. For users, the more immediate measure is the net return after contract fees, funding costs and settlement, particularly when the same underlying market can be accessed directly through Kalshi.
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