Phantom Brings Kalshi Prediction Markets to US Users on Solana

Phantom said on Oct. 23 that it is beginning to roll out prediction markets to US users, with access expanding over the next few weeks. The feature is the wallet's first US integration with Kalshi. For Solana traders, it means event contracts can be bought with any Solana token and held as on-chain outcome tokens, at a fee of $0.02 per contract plus network costs.

The product sits in a Predict tab in the Phantom mobile app. It covers sports, politics, economics and culture, and users must pass identity verification before trading.

CFTC Relief Made the US Launch Possible

The launch rests on a regulatory step Phantom took in March. CFTC staff issued Staff Letter 26-09, confirming through no-action relief that Phantom would not need to register as an introducing broker to give users access to regulated markets, subject to certain conditions. Phantom says it was the first passive software provider to receive that relief, and that it sought the letter with this product in mind.

In September, the CFTC extended industry-wide no-action relief, under the same conditions, to similarly situated software providers. Phantom was first through the door, but other wallets now have the same route available.

Phantom itself is not registered with the CFTC. The markets are offered by KalshiEX LLC.

How the Roles Split Between Phantom and Kalshi

Phantom acts as the front end. Behind it, the work divides three ways:

• a third-party service collects and stores users' identity information
• Kalshi, a CFTC-registered exchange, approves and holds users' trading accounts
• Kalshi executes the trades users submit through Phantom

Kalshi runs a recurring maintenance window on Thursdays from 3 to 5 AM ET, when trading is not available. Readers who follow the exchange's newer products can see how its 15-minute gold markets beat Ether in fees within weeks of launch.

Fees Run $0.02 per Contract Before Network Costs

Phantom's help page sets a flat platform fee of $0.01 per contract, on top of Kalshi's own $0.01 exchange fee. That makes $0.02 per contract, plus a variable network fee. On a 100-contract position, the fixed fees come to $2.

Funding comes from either a Phantom Cash balance or any token on Solana. The route changes the cost:

• trades funded from Cash are gasless
• trades using tokens from the portfolio need a small amount of SOL for network fees when opening, increasing or cashing out a position

After a sale or a winning payout, proceeds return automatically to the user's Cash account through Stripe. Phantom's help page does not say what asset sits behind the Cash balance.

Outcome Tokens Live on Solana but Cash Out in the App

Each position is represented by standard Solana SPL tokens that Phantom calls outcome tokens. They show up in blockchain explorers and in the wallet's History. They can only be cashed out through the app, and Phantom warns that burning them is permanent.

That gives the feature an on-chain footprint, but no figures yet show how much Solana activity it generates, in outcome token counts or trading volume.

Phantom also flags a liquidity risk. If there are too few buyers, a user may be unable to sell at their preferred price or sell at all, even when the position shows a profit.

State Availability Is Still Unclear

Phantom's post says only that markets are subject to availability in certain jurisdictions. It does not list which states are excluded, and Kalshi has faced state legal challenges over sports contracts. Which US users get access, and which contracts they see, is the open question as the rollout widens over the coming weeks.