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Polymarket volume share shrinks as US platform pursues trader incentives

Gaming America, citing DeFi Rate volume data, says Polymarket US and Polymarket's international platform together took 17.2 percent of combined face-value volume in the 30 days before October 29, down from 93.8 percent in October 2024. Polymarket US has filed nine CFTC amendments between October 2 and October 26 covering seven deposit, rebate and referral programs to win traders back.

According to Gaming America, citing DeFi Rate volume data, Polymarket US and Polymarket’s international platform accounted for 17.2 percent of combined face-value volume in the 30 days before October 29. That compares with 93.8 percent in October 2024.

A smaller share of trading volume

Gaming America describes Kalshi as extending its lead as Polymarket’s combined share declines. The figures place Polymarket in a substantially different competitive position from October 2024.

The measure is face-value trading volume, rather than revenue or trader numbers. It also combines Polymarket’s US and international platforms, so the reported share does not isolate the performance of either operation.

US filings target trader acquisition

Polymarket US filed nine CFTC amendments between October 2 and October 26, according to Gaming America. Those filings covered seven programs involving deposits, rebates and referrals, aimed at bringing traders back.

The filings document an effort to attract activity, but the supplied reporting does not establish how much volume those programs generated or whether they changed Polymarket’s competitive trajectory.

What it means for prediction markets

  • Platform competition: The move from 93.8 percent to 17.2 percent signals a major shift in Polymarket’s share of the reported face-value volume.
  • Incentive effectiveness: The nine amendments covering seven programs provide a concrete initiative to track against subsequent trading-volume data.
  • Measurement limits: The combined figure cannot show whether Polymarket US or the international platform drove the decline, nor does it establish changes in revenue or trader numbers.
KalshiPolymarketCFTCInfiniti MarketsInfiniti Signals

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    Gaming America
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