Kalshi 15-Min Gold Contracts Surpass Ether in September

Kalshi’s 15-minute gold markets generated nearly twice the estimated trading fees of equivalent Ether ($ETH) markets in September, just weeks after their August launch, according to Cointelegraph. The gold contracts recorded 542 million contracts and an estimated $5 million in fees during the month.

In comparison, Ether contracts recorded 318 million contracts and $2.6 million in estimated fees, according to data from Predict Charts. Bitcoin ($BTC) remained the dominant short-duration market on the platform, generating $60.4 million in estimated fees.

Commodity Expansion and Growth

The growth in short-duration gold markets coincides with an expansion of Kalshi’s broader commodities business. The company stated in September that commodities trading volume reached $400 million within seven months, achieving more than four times the volume its crypto markets generated at the same stage.

Data show that 15-minute Bitcoin markets became Kalshi’s largest market series outside parlays in July following their December launch. Short-duration Ether contracts also experienced rapid growth, climbing from 6.1 million to 233 million contracts between January and July 2026, before reaching 318 million in September.

Short-Duration Fee Share

Short-duration financial markets continue to form a growing share of Kalshi's overall business. An InGame analysis published on Tuesday revealed that 15-minute crypto, commodity, and financial markets generated $20.4 million in fees in the seven days leading up to Oct. 5, representing 80% of the platform’s non-sport fees.

Short-duration contracts accounted for 13% of Kalshi's trading volume but 20% of its fees over that weekly period. According to InGame journalist Daniel O'Boyle, this variance occurs because Kalshi utilizes a fee formula dependent on contract odds, yielding higher fee shares on contracts priced closer to 50/50 odds.

Key facts

• Gold recorded 542 million contracts and $5 million in estimated fees in September.
• Ether contracts recorded 318 million contracts and $2.6 million in fees in the same period.
• Bitcoin remained the largest market, generating $60.4 million in estimated fees.
• Short-duration markets accounted for 80% of Kalshi's non-sport fees in the week leading up to Oct. 5.