Quiet quarter-hour — no significant new headline in the last 15 minutes, so this fresh volume/metrics story leads, in a different category from the last three editions…
Bitcoin trading volume on Polymarket US rose from about $453,000 to $50.7 million in the week of Sept. 21-27, according to DeFi Rate. Nearly all of that activity came from 15-minute and hourly markets, although combination contracts—not Bitcoin—accounted for most of the platform’s overall expansion.
Across Kalshi, Polymarket US and Polymarket International, weekly volume totaled approximately $19.46 billion, up 3.9% from $18.72 billion. Polymarket US grew 21% to $2.83 billion, lifting its share of the three-venue total from 12.5% to 14.6%.
Short-duration Bitcoin markets gain ground
Fifteen-minute Bitcoin contracts generated about $45.7 million, roughly 90% of the platform’s Bitcoin volume. That trading was distributed across hundreds of short windows rather than concentrated in individual markets large enough to rival the leading NFL contracts. Despite its sharp increase, Bitcoin represented only 1.8% of Polymarket US volume.
Football occupied all 10 positions on the platform’s individual-market leaderboard, led by Colts-Chiefs at $27.67 million, Giants-Rams at $23.23 million and Falcons-Packers at $16 million. Yet those 10 markets together contributed just 4.4% of weekly volume, according to DeFi Rate.
Combinations supply most of the growth
Combination-contract volume rose 44.4%, from $1.06 billion to $1.53 billion, and its share of Polymarket US trading increased from 45.4% to 54.1%. These contracts supplied $471.2 million of the platform’s $491.6 million weekly increase, or 95.9%; everything else added only about $20 million. DeFi Rate said the available data did not support a reliable allocation of combinations among NFL, college football, baseball and mixed-sport contracts.
The concentration was even greater on Sept. 27. Polymarket US volume reached $759.8 million, compared with $592.2 million the previous Sunday, while combinations increased from $298.6 million to $468.8 million. Their $170.2 million gain exceeded the platform’s $167.6 million increase, meaning trading outside combinations declined slightly.
Kalshi retains the lead
Kalshi’s weekly volume increased 2.6% to a record $15.66 billion, representing 80.5% of the tracked total. Sunday set a daily record of $3.24 billion, while Friday through Sunday contributed approximately $8.60 billion, or 54.9% of the week. Nevertheless, its $395.4 million weekly increase was smaller than Polymarket US’s gain.
Polymarket International moved in the opposite direction: volume fell 13.5%, from roughly $1.11 billion to $964.1 million, and its share slipped from roughly 6% to 5%. According to DeFi Rate, the category-level data were insufficient to identify what drove that decline.
What it means for prediction markets
- Product mix matters: Combinations generated 95.9% of Polymarket US’s weekly growth, so the headline increase does not indicate comparable expansion across its other markets.
- Bitcoin activity is fragmented: The category’s jump largely reflects trading across short-duration contracts, not a single large Bitcoin market.
- Leaderboards offer an incomplete picture: Football dominated the largest individual markets, while combinations accounted for most platform volume.
- Venue trends diverged: Polymarket US gained share as International contracted, but Kalshi remained the largest venue by a wide margin.