Record $188B Q3 volume as Kalshi pulls ahead

Prediction-market trading volume reached a record $188B in Q3, up 70% quarter over quarter, according to zubiqo.com. The figures point to a sharp increase in activity across the sector.

Kalshi’s lead and the sports share

Kalshi has led Polymarket since April, according to zubiqo.com. That puts the start of its lead before Q3, rather than making it a development confined to the record-setting quarter.

Sports accounted for 40% of volume, the outlet reported. The category therefore represented a substantial share of trading, though less than half of the total.

Limits of the available data

The source page was unavailable, leaving only the supplied summary to assess. It does not provide platform-level volume figures, Kalshi’s margin over Polymarket, or a breakdown of the remaining activity. Those omissions limit conclusions about which platform or category drove the quarterly increase.

What it means for prediction markets

• Activity expanded sharply: The $188B total and 70% quarter-over-quarter increase establish the scale of Q3 growth, but do not show how widely it was distributed.
• Platform leadership predates Q3: Kalshi’s lead since April is a longer-running competitive development; the available figures do not quantify that lead.
• Sports is a major component: Its 40% share makes sports important to the volume mix, without establishing how much it contributed to growth.