Prediction markets logged more than $814 million in trading volume on Sunday, an all-time high that puts the sector on track to break its monthly record and marks the sixth consecutive month of rising activity, according to data from Dune Analytics.
Total trading volume across prediction market platforms has reached roughly $10.5 billion so far in January, with more than 11 days left in the month. That already puts activity within striking distance of December’s $11.5 billion total, suggesting January could set a new monthly high barring any major pullback.
Monthly prediction market volume. Source: Dune Analytics
Kalshi remains the largest platform by volume, posting more than $535 million in daily trading on Sunday alone, while Polymarket recorded about $127 million. Opinion, a newer entrant backed by Binance founder Changpeng Zhao’s YZi Labs, generated roughly $84 million in volume on the day, continuing to gain share from Polymarket.
The growth in activity is also translating into record revenue for platforms. Fees across prediction market platforms climbed above $2.7 million last week, the highest level recorded to date. Opinion accounted for roughly 54% of those fees, or just over $1.5 million, while Polymarket generated roughly $787,000, all of which currently comes from its short-dated 15-minute up-and-down markets, representing more than 28% of the total.
The surge also pushed prediction markets’ share of overall spot crypto trading above 1% for the first time on record, a notable milestone for a sector that until recently accounted for fractions of spot exchange activity, according to The Block data.
A ‘new phase’ for prediction markets
The surge in volume and fees comes as competition across prediction markets intensifies.
In a Monday report, Galaxy Research said prediction markets have “entered a new phase of mainstream visibility and capital formation,” driven by the rapid growth of platforms such as Polymarket and Kalshi and a wave of new entrants experimenting with new market designs.
While Kalshi continues to dominate overall volume, Galaxy noted that liquidity remains a key constraint across the sector, even as prediction markets attract growing attention from both retail traders and crypto-native developers.
Interest is also spreading beyond pure-play prediction market platforms, with Coinbase beginning to roll out access to event-based contracts and banks such as Goldman Sachs publicly exploring the space amid evolving U.S. regulation.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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