{"id":79207,"date":"2026-10-07T23:05:09","date_gmt":"2026-10-07T23:05:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kalshis-15-minute-gold-bets-top-ether-as-fast-markets-drive-fees\/"},"modified":"2026-10-07T23:05:09","modified_gmt":"2026-10-07T23:05:09","slug":"kalshis-15-minute-gold-bets-top-ether-as-fast-markets-drive-fees","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kalshis-15-minute-gold-bets-top-ether-as-fast-markets-drive-fees\/","title":{"rendered":"Kalshi&#8217;s 15-Minute Gold Bets Top Ether as Fast Markets Drive Fees"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Kalshi\u2019s 15-minute gold markets traded 539 million contracts in September, against 317 million for Ether.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">15-minute markets made 80% of Kalshi\u2019s non-sports fees in the week to Oct. 5, according to InGame.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Bitcoin still dominates, with 6.74 billion 15-minute contracts traded in September.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p> <!-- --> <\/p>\n<h2>Gold Passes Ether in Its Second Month<\/h2>\n<p>Kalshi\u2019s 15-minute gold markets traded more contracts than its ether markets of the same length in September. According to the exchange\u2019s public market data, 539 million gold contracts changed hands in 15-minute markets that settled during the month, against 317 million for ether.<\/p>\n<p><a href=\"https:\/\/cointelegraph.com\/news\/kalshis-15-min-gold-markets-overtake-ether-just-weeks-after-launch\" target=\"_blank\" rel=\"noopener noreferrer\">Cointelegraph reported the shift<\/a> on Oct. 7, estimating gold\u2019s September fees at about $5 million and ether\u2019s at $2.6 million, based on data from the analytics site <a href=\"https:\/\/predict-charts.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Predict Charts<\/a>.<\/p>\n<p>A Bitcoin.com News estimate based on every September trade and Kalshi\u2019s published fee formula puts gold\u2019s taker fees at $4.94 million, in line with the above figure. That works out to under one cent per contract on average.<\/p>\n<p>Kalshi listed its first 15-minute gold markets on July 31, and trading picked up from August. Gold trailed ether that month\u2014with 213 million contracts against 271 million\u2014then passed it in September despite running about 18% fewer markets, since gold does not trade around the clock. Ether\u2019s own growth had been steep: Kalshi data bears out estimates of 15-minute volume at 6.1 million contracts in January and 233 million in July.<\/p>\n<p><a href=\"https:\/\/news.bitcoin.com\/market-updates\/bitcoin-price-erases-october-gains-why-81300-critical-level\/\">Bitcoin remains<\/a> far ahead of both. Kalshi\u2019s 15-minute markets traded 6.74 billion contracts in September, and per Predict Charts data, it\u2019s estimated that they brought in $60.4 million in fees. The two crypto series settle on CF Benchmarks prices, while gold settles on a Pyth Network price feed, an onchain oracle. Kalshi said in September that its commodities volume <a href=\"https:\/\/news.kalshi.com\/p\/kalshi-commodities-trading-volume-400-million\" target=\"_blank\" rel=\"noopener noreferrer\">reached $400 million within seven months<\/a>, more than four times what its crypto markets had done at the same stage.<\/p>\n<p>The gold figures sit inside a product line that has come to dominate Kalshi\u2019s business outside sports. Fifteen-minute crypto, commodity, and financial index markets brought in $20.4 million of Kalshi\u2019s $25.1 million in non-sports fees in the seven days to Oct. 5, <a href=\"https:\/\/www.ingame.com\/kalshi-non-sports-15-minute-crypto\/\" target=\"_blank\" rel=\"noopener noreferrer\">according to an InGame analysis<\/a>, while sports brought in $73.5 million.<\/p>\n<p>Kalshi\u2019s <a href=\"https:\/\/kalshi.com\/docs\/kalshi-fee-schedule.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">published fee schedule<\/a> charges takers 0.07 times the number of contracts times the price times one minus the price, so fees peak at 1.75 cents a contract on prices near 50 cents. Estimates like these exclude the rebates Kalshi pays market makers, the same caveat that applied to the <a href=\"https:\/\/news.bitcoin.com\/igaming\/kalshis-parlay-maker-fee-brought-26-million-four-weeks\/\">$26 million its parlay maker fee raised<\/a> in its first four weeks.<\/p>\n<h2>Speedy Markets Face Criticism<\/h2>\n<p>The format has its critics. In June, the gambling industry newsletter <a href=\"https:\/\/earningsandmore.substack.com\/p\/all-about-that-base\" target=\"_blank\" rel=\"noopener noreferrer\">Earnings+More wrote<\/a> that 15-minute crypto contracts announced by Coinbase \u201cecho in-play betting more than investing.\u201d<\/p>\n<p>Abdullah Mahmood, a problem gambling counselor at Ohio treatment center Maryhaven, told NPR that <a href=\"https:\/\/www.npr.org\/2026\/10\/02\/nx-s1-5981420\/kalshi-betting-prediction-markets-gambling-addiction\" target=\"_blank\" rel=\"noopener noreferrer\">markets expiring \u201cin a matter of minutes or hours are no different than a slot machine in your pocket.\u201d<\/a> Kalshi spokesperson Dani Lever told NPR the exchange model is healthier than a sportsbook\u2019s because \u201cour profits aren\u2019t tied to trader losses.\u201d<\/p>\n<p>The contracts may stand on firmer legal ground than Kalshi\u2019s sports markets. Courts that ruled against those markets asked whether a contract is tied to a financial consequence, and the Sixth Circuit <a href=\"https:\/\/news.bitcoin.com\/igaming\/sixth-circuit-turns-kalshis-own-words-against-two-state-loss\/\">rejected Kalshi\u2019s sports contracts<\/a> because game results have only \u201cdownstream\u201d economic effects. A contract on the price of gold or bitcoin is tied to the asset\u2019s price itself.<\/p>\n<p>Kalshi\u2019s crypto products have still drawn scrutiny: Last month, the CFTC was reported to be <a href=\"https:\/\/news.bitcoin.com\/igaming\/5-billion-nearly-identical-kalshi-trades-draw-cftc-scrutiny\/\">reviewing nearly identical trades in its ether perpetual<\/a>, which is a separate product from the 15-minute markets.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/kalshi-ends-federal-court-losing-streak-partial-win-over-illinois\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/kalshi-ends-federal-court-losing-streak-partial-win-over-illinois\/\"><img alt=\"Kalshi Ends Federal Court Losing Streak With Partial Win Over Illinois\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitcoin-price-to-hit-100k-in-2026-traders-just-got-less-sure-150x150.jpg&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">A federal judge in Chicago blocked Illinois from enforcing its sports wagering license rules and a related criminal provision against\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/igaming\/kalshis-15-minute-gold-bets-top-ether-fast-markets-drive-fees\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Kalshi\u2019s 15-minute gold markets traded 539 million contracts in September, against 317 million for Ether. 15-minute markets made 80% of Kalshi\u2019s non-sports fees in the week to Oct. 5, according to InGame. Bitcoin still dominates, with 6.74 billion 15-minute contracts traded in September. Gold Passes Ether [&hellip;]<\/p>\n","protected":false},"author":3947362403,"featured_media":79208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79207"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362403"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79207"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79208"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}