Kalshi leads nine-venue tally as contract face value outpaces spending

According to DeFi Rate, prediction markets recorded $132.3 billion in contract volume over 30 days across nine venues, with Kalshi accounting for 76 percent of the total.

The figures, published on Nov 5, 2026, at 9:30 AM ET, distinguish between contracts counted at face value and the money actually paid for them.

Face value versus money paid

DeFi Rate values each contract at its $1 face value when calculating the aggregate. On that basis, the $132.3 billion total does not represent the amount participants spent.

The amount actually paid was $31.1 billion, according to DeFi Rate. Its tally also showed $5.1 billion traded in the last 24 hours.

Kalshi dominates November 5 activity

Across all venues, trading so far on November 5 totaled $1.85 billion. Kalshi contributed $1.62 billion of that amount, according to DeFi Rate.

That partial-day breakdown places Kalshi at the center of the reported activity, alongside its 76 percent share of the 30-day contract total. The November 5 figures remain a snapshot rather than a completed daily tally.

What it means for prediction markets

• Measurement matters: The $132.3 billion headline total uses $1 contract face values; the $31.1 billion actually paid measures a different quantity.
• Activity is concentrated: Kalshi accounts for most of the reported 30-day volume and the November 5 trading recorded so far.
• Time windows differ: The $5.1 billion last-24-hours figure and $1.85 billion November 5 tally cover different periods and should not be treated as interchangeable.