Polymarket Trading Volume Falls 9% in April as Kalshi Surges 13% to $14.8B

According to Dune Analytics, Polymarket's trading volume fell 8.9% in April to $10.2 billion from $11.2 billion in March, marking the first monthly decline since August. Meanwhile, rival platform Kalshi posted sharp growth, with April trading volume climbing 13% to approximately $14.8 billion.

The shift reflects intensifying competition within the broader prediction market sector, which expanded 12.4% to $29.8 billion in April. Kalshi's gains have been attributed to its regulated US framework under the Commodity Futures Trading Commission, while Polymarket remains constrained by a prior CFTC settlement that blocked US users from its main exchange in 2022. Polymarket launched a separate US application in December 2025, though it remains disconnected from the international liquidity pool.