Phantom starts rolling out Kalshi prediction markets to US users in October 2026, at $0.02 a contract in fees
Phantom opens Kalshi markets to US wallet users
On 23 October 2026 Phantom began a staged US rollout of prediction markets executed by Kalshi, a CFTC-registered exchange. Phantom says Kalshi approves and holds the trading accounts, and its help pages put fees at $0.02 per contract plus a network fee.
Piece published Reviewed by CryptoGuardz Register Desk, editorial desk
Phantom, the self-custody wallet, began rolling out Kalshi prediction markets to users in the United States on 23 October 2026. Trades are executed by Kalshi, a CFTC-registered exchange, and Phantom's help pages put the fees at $0.02 per contract, split between a $0.01 Phantom platform fee and a $0.01 Kalshi exchange fee, plus a variable network fee.
Phantom says access will expand over the next few weeks, and its announcement notes that markets are "subject to availability in certain jurisdictions". It did not publish a list of states.
What the document says
The announcement, written by Phantom's general counsel Kevin Jacobs, sets out who does what.
Kalshi, a CFTC-registered exchange, approves and holds users' trading accounts, and executes the trades they submit using Phantom.
The same post says "Phantom is not registered with the CFTC." It relies instead on CFTC Staff Letter 26-09. In a release of 17 March 2026, CFTC staff said that, subject to conditions, they would not recommend enforcement against Phantom or its relevant personnel for failing to register as an introducing broker or associated person of an introducing broker, solely in relation to providing and marketing software that lets its users trade with registered futures commission merchants, introducing brokers and designated contract markets. Phantom's post says that in September the CFTC granted industry-wide no-action relief, under the same conditions, to similarly situated software providers.
What it changes for users
A wallet that holds its users' keys now sits in front of a custodial account. Phantom's help pages describe the flow:
- Before a first trade, users pass Kalshi's identity checks, which may ask for a legal name, date of birth, address, Social Security number, email, phone number and a US government ID. Kalshi may use Socure for an ID scan or a live selfie.
- Trades are paid from a Phantom Cash balance or any Solana token. Funds move to Kalshi for each purchase, and sale proceeds and winnings return to the Cash account through Stripe, usually within seconds to minutes.
- Existing Kalshi customers can link an account with a one-time code, but balances stay separate. Funds held in the Kalshi app or on kalshi.com are not shown in Phantom.
Prediction markets in Phantom are not available in all jurisdictions. They may involve risks, including but not limited to volatile pricing, limited liquidity, and potential regulatory changes. Trading prediction markets may incur transaction fees and other costs. If your…
The help page also lists the risks in Phantom's own words. "Cashing out requires a buyer for your contracts," and with thin liquidity a user may get a worse price or be unable to sell even when a position shows a profit. "If your prediction is incorrect, your contracts settle at $0 and the amount spent is not returned."
Background
Phantom's register entry records that its terms name no gambling or betting clause and that it describes itself as self-custodial. Kalshi's own licences and account terms are covered in Is Kalshi safe?, and the state fights over whether event contracts are gambling are in Is Kalshi gambling?. Some outlets reported restrictions in individual states, but Phantom's own pages name none, so no state list is given here.
Introducing @Phantom Prediction Markets, powered by Kalshi The largest crypto wallet meets the largest prediction market. Trading events onchain just became easier than ever.
Quick answers
Does Phantom hold the money used for Kalshi trades?
Not the trading account. Phantom's announcement says Kalshi approves and holds the trading accounts and executes the trades. Funds move from the user's Phantom Cash balance or Solana tokens to Kalshi for each purchase, and proceeds return to Phantom Cash through Stripe.
What does a Kalshi trade in Phantom cost?
Phantom's help page lists $0.02 per contract: $0.01 to Phantom and $0.01 to Kalshi. A variable network fee applies when funds move to Kalshi.
Is it available in every US state?
Phantom says markets are subject to availability in certain jurisdictions and that access is expanding over the coming weeks. It has not published a state list.
The National Problem Gambling Helpline is 1-800-MY-RESET (1-800-697-3738), with call, text and chat. More options are on the responsible gambling page.
Sources
- Phantom blog, Phantom puts its CFTC no-action relief to work, by Kevin Jacobs, 23 October 2026, retrieved 25 October 2026
- Phantom Help Center, Trade Kalshi prediction markets in Phantom (US), retrieved 25 October 2026
- Phantom Help Center, Verify your identity for Kalshi prediction markets (US), retrieved 25 October 2026
- CFTC press release 9197-26, CFTC Staff Issues No-Action Position to Self-Custodial Crypto Asset Wallet Software Provider, 17 March 2026, retrieved 25 October 2026
- Unchained, Phantom starts a staged US launch of in-wallet prediction markets, 23 October 2026, retrieved 25 October 2026
About this piece
Compiled by the CryptoGuardz register team from the sources listed above. Research and drafting are AI-assisted and reviewed by a named editor before publication. Nothing here is a recommendation to gamble. If a figure or a reading is wrong, tell us and the correction is logged in public.