Phantom brings Kalshi event contracts into its U.S. wallet app

Phantom began rolling out access to Kalshi prediction markets for U.S. users on Friday, allowing event contracts to be bought and sold inside its wallet app. Access is expanding over the following weeks, but users must first complete Kalshi’s know-your-customer checks.

The service sits in Phantom’s Predict section, rather than a separate trading interface. Users fund trades from Phantom Cash with CASH, the wallet provider’s dollar-pegged stablecoin; funds sent to Kalshi are converted into fiat for settlement, and winnings and withdrawals return to the Phantom Cash account. Phantom’s documentation also allows purchases funded with supported Solana tokens.

Kalshi operates the exchange, executes trades and determines outcomes, while Phantom supplies the interface and routing. The quoted charge is 2 cents a contract, split between a 1-cent Phantom platform fee and a 1-cent Kalshi exchange fee, plus a small network fee for moving funds.

The launch is limited by state. Phantom initially blocks sports markets in Michigan; sports, elections, politics and entertainment in Nevada; and sports, elections, politics, entertainment, culture, science and technology, mentions, and geopolitics in Washington. It said the market menus could change as court cases proceed and that it would comply with state restrictions.

Kevin Jacobs, Phantom’s general counsel, said the company considered the Commodity Futures Trading Commission’s jurisdiction over the products clear. “So long as our interaction with these products is consistent with our no-action position, we are confident and comfortable engaging in this activity,” he said.

The CFTC gave Phantom conditional no-action treatment in March, relieving it of broker-registration requirements. The relief requires, among other conditions, that Phantom not hold customer funds or intermediate trades, and that orders be routed directly to registered market participants. In September, the agency broadened its no-action position to qualifying software developers that act as pipelines to designated contract markets, though the policy had not been codified as rulemaking.

The state limits reflect an unresolved jurisdictional fight over whether federally regulated event contracts remain subject to state gambling laws. In August, the Ninth Circuit found that Kalshi had not shown federal law pre-empted Nevada’s authority to regulate its sports event contracts. Utah also sued Kalshi and two Susquehanna trading firms on Oct. 20, seeking to block several categories of contracts, including sports and election markets.

Kalshi has made its full catalogue available to Phantom, while Phantom decides which markets to show. Max Crowley, Kalshi’s vice-president of business development, said the partnership was expected to add users, liquidity and market data. Kalshi had recorded more than $291 billion of trading volume in 2026 by the time of the rollout; October volume stood at $55.3 billion with nine days left in the month, nearing September’s record of $59.3 billion.