Phantom Kalshi markets Roll Out to US Wallet Users
Phantom Kalshi markets are rolling out to U.S. users inside the Phantom wallet, funded with CASH at 2 cents per contract, with some categories blocked in three states.
- Users verify their identity, and Kalshi approves and holds their trading accounts and executes the trades, per Phantom's blog post by general counsel Kevin Jacobs.
- Trades are funded from Phantom Cash with CASH, Phantom's dollar-pegged stablecoin, and cost 2 cents per contract plus a small network fee, according to Predictable.
- Some categories are blocked in Michigan, Nevada and Washington as state legal fights continue.
in this block
Phantom Kalshi markets are now rolling out inside the Phantom wallet for U.S. users. Phantom, the self-custody wallet best known on Solana, said on October 23 it is beginning to offer prediction markets in the United States through its first U.S. integration with Kalshi, a CFTC-registered exchange, with access expanding over the next few weeks.
What actually happened
Phantom's announcement frames the launch as the payoff of a regulatory bet. In March, CFTC staff issued Staff Letter 26-09, a no-action letter saying Phantom would not need to register as an introducing broker to give users access to regulated markets, under certain conditions. Phantom says it was the first "passive software provider" to get that relief. In September, the CFTC extended similar relief to comparable software providers across the industry.
The product lives in Phantom's Predict section rather than a separate app, per Predictable. Funds sent to Kalshi are converted to dollars for settlement, and winnings and withdrawals go back to the user's Phantom Cash account.
How the money and the fees work
Predictable reports the 2-cent charge splits into a 1-cent Phantom platform fee and a 1-cent Kalshi exchange fee. Kalshi runs the exchange, executes trades and decides outcomes. Phantom supplies the interface and routing. A third-party service collects and stores identity information, Phantom says.
Phantom's blog carries a clear line at the bottom: "Phantom is not registered with the CFTC. Prediction markets offered by KalshiEX LLC." In other words, Phantom is the window, not the casino or the bank.
Self-custody wallet, regulated exchange underneath. That combo is new, and it is exactly why the state fights matter.
The state map
Phantom Kalshi markets will not look the same everywhere. Per Predictable, Phantom initially blocks:
- Sports markets in Michigan.
- Sports, elections, politics and entertainment in Nevada.
- All of those plus culture, science and technology, mentions and geopolitics in Washington.
Phantom said menus could change as court cases move forward. The background is a running dispute over whether federally regulated event contracts are still subject to state gambling laws. In August, the Ninth Circuit found Kalshi had not shown that federal law pre-empted Nevada's power to regulate its sports contracts, and Utah sued Kalshi and two Susquehanna trading firms on October 20, Predictable reports.
Jacobs said the company views the CFTC's jurisdiction as 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." That quote was reported by Predictable, which cites The Block's coverage of the launch.
Why Phantom Kalshi markets matter for prediction markets
Distribution is the new battleground. Kalshi had logged more than $291 billion in 2026 trading volume at rollout, and October stood at $55.3 billion with nine days left, close to September's record of $59.3 billion, per Predictable. Kalshi's Max Crowley said in Phantom's post that the company is excited to bring its markets to Phantom's U.S. users.
For Polymarket, which is also fighting for U.S. users, a big crypto wallet plugging into a rival is a real competitive move. Our Polymarket V2 piece covers its own product push, and our Galaxy Polymarket retail losses explainer is a useful reality check on how retail traders fare in these markets.
What to do as a reader
If you are in the U.S. and want to try it, update Phantom from official app stores and look for the Predict section. Expect a full KYC check, since Kalshi holds the account. Access is rolling out gradually, so not seeing it yet is normal.
Remember that each contract is a bet that can go to zero, and fees add up on small positions. Check which categories your state allows before you deposit. Ignore DMs offering "early access" to Phantom Kalshi markets, because the rollout happens inside the official app itself. Not investment advice.
Sources: Phantom blog and Predictable.
Not financial advice. DYOR, ser.
