Phantom rolls out Kalshi prediction markets to US users
Phantom begins its US Kalshi rollout, with in-app onboarding, exchange-fee sharing and prominent placement for Kalshi markets.
Phantom has begun rolling out Kalshi prediction markets to users in the United States, with access expanding over the following weeks.
The October 23 announcement says users can complete identity verification and submit trades through the Phantom app. Kalshi approves and holds the trading accounts and executes the orders.
Fee sharing and market placement
Phantom’s US disclosures, updated October 22, describe the commercial relationship. Kalshi shares part of the exchange fees earned on contracts traded through Phantom’s interface.
Phantom also agreed to give Kalshi’s markets prominent placement for a period after launch. The disclosures identify an incentive to encourage more trading as a potential conflict of interest.
The documents do not disclose the fee-sharing percentage or the length of the placement commitment. They also say Phantom may charge a separate trading fee, disclosed when a transaction is made.
Users accessing Kalshi through the app become direct Kalshi members, subject to the exchange’s diligence requirements.
The staff no-action position
The rollout follows CFTC staff relief announced March 17. Subject to specified conditions, the agency’s Market Participants Division said it would not recommend enforcement action over introducing-broker or associated-person registration solely for the software activities described.
Phantom’s disclosures state that it is not a CFTC-registered entity. Its role is the wallet infrastructure and interface; Kalshi provides the regulated event contracts.
Access remains limited to eligible US jurisdictions and available markets. The announcement does not provide user-adoption figures or a date when the phased rollout will be complete.
Prediction Frontier has also covered ROLR’s consumer-platform launch, another example of an interface connecting customers to an underlying exchange.