THE GIST
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Kalshi just upgraded itself.
The prediction market released Kalshi Pro which is designed for advanced, active traders on the platform, according to a memo provided to CNBC. Although the product is still in beta testing, the launch is directly aimed at Coinbase and Robinhood, which offer similar trading terminals.
WHAT HAPPENED
Kalshi Pro was built to make CEO Tarek Mansour’s plan to “financialize everything,” a reality.
The platform will let users track multiple markets at once — similar to Robinhood’s equities terminal — and will provide a continuous feed of all public trades. Its real-time scanner tracks roughly 2,000 active markets simultaneously, showing where traders stand on any given day. It will also offer more order-book data on individual contracts, deeper analysis of multi-leg trades, the ability to place resting orders, and U.S.-regulated perps — a product Kalshi recently beat Coinbase and Robinhood to with help from the CFTC. Kalshi also leaned into users’ desire to customize their trading dashboard, including a “canvas” layout, all on a single desktop screen.
Though Kalshi doesn’t publicly disclose its exact number of active traders or users, its trading volume reportedly reached $31.5–$33 billion in notional terms in June alone. That figure reflects how Kalshi tracks volume — by contracts traded — meaning it hit roughly 31.5 to 33 billion contracts. Robinhood reports 5.2 billion contracts traded. As a result, given that trades are routed directly into Kalshi’s system, Robinhood users generated roughly 16% of Kalshi’s record-breaking monthly traffic.
WHY IT MATTERS
Kalshi Pro, for all its prediction-market bells and whistles, is really a means to an end with Robinhood — one Kalshi set in motion in November of last year.
Most people don’t realize Robinhood doesn’t clear or process trades on its own network. It’s a storefront. When an everyday investor places a trade in the app, Robinhood’s backend routes it straight to Kalshi’s CFTC-regulated exchange and clearinghouse. Robinhood pockets $0.01 as a broker commission for finding the user. Kalshi charges a $0.01 exchange fee for clearing and settling trades, then brags to Wall Street about the volume it’s racking up during big events like the World Cup. The problem for Kalshi is it doesn’t get to keep the user. Robinhood does.
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