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DefiLlama, the go-to dashboard for tracking decentralized finance metrics, just did something that would have been unthinkable two years ago. It added a centralized, CFTC-regulated prediction market to its revenue tracker.
Kalshi, the event derivatives exchange best known for letting people bet on everything from election outcomes to sports results, now sits on DefiLlama’s off-chain revenue dashboard. The numbers it brought with it are hard to ignore: roughly $4.84 million in daily revenue, $16.14 million over the past 30 days, and an annualized run rate near $197 million.
The numbers that earned Kalshi a seat at the table
Kalshi’s 30-day trading volume clocks in at $5.865 billion. Its open interest sits around $597 million. Cumulative volume on the platform has crossed $34.8 billion.
Kalshi doesn’t have a token. There’s no governance vote, no airdrop speculation, no liquidity mining program inflating activity. The platform’s revenue comes from actual trading fees on binary contracts.
Why a DeFi dashboard cares about off-chain data
Previously, Kalshi’s revenue went unreported by DefiLlama, even as the platform was estimated to be generating hundreds of millions annually. That gap made it difficult for analysts, traders, and investors to get a standardized view of how the prediction market landscape actually looked.
Kalshi operates as a designated contract market under the Commodity Futures Trading Commission. The platform has raised over $2.68 billion in funding to date, including a $200 million Series round. That war chest positions it to continue scaling aggressively, particularly in sports betting and political event contracts, its two primary verticals.
What this means for investors watching the prediction market race
Kalshi’s $197 million annualized revenue puts it in the same conversation as mid-tier DeFi protocols and some publicly traded fintech companies. That kind of revenue, generated under CFTC oversight, is exactly the profile that traditional allocators find compelling.
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