Kalshi’s 15-minute gold markets have quickly become more popular than its comparable Ether contracts, just weeks after launching.
Gold markets recorded about 542 million contracts during September, compared with 318 million for 15-minute Ether markets.
Predict Charts estimates that the gold contracts generated around $5 million in trading fees during the month, nearly twice the estimated $2.6 million from Ether markets. These figures are based on Kalshi trading data and are estimates, not revenue numbers reported by the company.
Bitcoin remained far ahead of both assets. Its 15-minute markets generated an estimated $60.4 million in fees during September.
Kalshi launched its 15-minute gold markets in August. Each contract asks traders whether gold will finish above or below a specific reference price when the 15-minute period ends. Kalshi uses Pyth pricing data to determine the final outcome.
Gold quickly passed Ether in September activity despite having a much shorter history on the platform.
The growth is part of a wider increase in Kalshi markets that settle every 15 minutes. InGame reported that 15-minute crypto, commodity and financial markets generated about $20.4 million in fees during the seven days through Oct. 5.
During the same period, Kalshi’s non-sports markets generated an estimated $25.1 million in fees. This means 15-minute products accounted for roughly 80% of the fees from non-sports markets.
However, these markets represented only about 13% of total trading volume while generating around 20% of fees.
The higher fee contribution is partly linked to how Kalshi prices these short-term contracts. Contracts often trade close to 50 cents when traders are split over whether an asset will rise or fall, and fees are generally higher around that price.
The short-term format has become especially popular in crypto, but gold is now showing that the same trading model can attract strong interest in traditional assets.
Kalshi’s commodities business has also expanded rapidly in 2026. The company said its commodity markets reached $400 million in cumulative trading volume within seven months of launch.
According to Kalshi, commodities reached that level in about half the time it took its crypto category. The company also said commodity contracts had generated more than four times the volume its crypto markets had recorded at the same stage.
Gold is now joined by products linked to silver, oil, copper and agricultural commodities, with market outcomes based on specified external pricing sources.
Kalshi has also been expanding into other financial products. Its crypto perpetual futures business passed $5.5 billion in volume within two weeks of launching.
The company later faced questions about unusually high Ether perpetual futures volume. Kalshi said that activity was connected to liquidity programs and involved a different product from its prediction markets.
That distinction matters because the 318 million Ether figure in September refers specifically to 15-minute prediction contracts, not Ether perpetual futures.
Overall, 15-minute markets are becoming an increasingly important part of Kalshi’s business. Crypto remains the largest contributor, but the rapid growth of gold suggests traders are also showing strong interest in short-term markets tied to traditional commodities.
Kalshi is also planning to expand its commodity products further. The company has filed for perpetual contracts linked to gold, silver and platinum, although it has not announced a firm launch date.
