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Phantom began a phased US rollout of Kalshi event-contract trading on October 23, 2026. Eligible users can complete Kalshi’s identity checks and place trades from the Phantom app, but Kalshi—not Phantom—approves accounts, holds the trading account and executes orders.
The launch gives a self-custody wallet a new interface for federally regulated event contracts while several states argue that some Kalshi markets are unlicensed gambling. Phantom says it is confident in its CFTC-based approach and will apply state restrictions as the lawsuits proceed. Access is limited by jurisdiction and can change without notice.
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What exactly did Phantom launch?
Phantom’s feature is an embedded interface for Kalshi, a federally regulated event-contract exchange. It is not a new Phantom exchange or a Phantom-run prediction market. After onboarding, users become direct Kalshi members, while Phantom supplies the front end inside its wallet app.
The rollout is deliberately phased. Availability depends on a user’s US jurisdiction, Kalshi eligibility checks and the market categories permitted at that time. Phantom’s disclosures say users may also access Kalshi directly after opening the account through Phantom.
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How do trades, funding and settlement work?
The practical flow separates the wallet from the trading account: Phantom displays the markets, but Kalshi controls approval, account records and order execution.
1. Complete Kalshi identity checks
Users start in Phantom and complete Kalshi’s KYC process. Kalshi decides whether to approve the account and remains the account provider. A Phantom wallet alone does not bypass those checks.
2. Move money from Phantom Cash
Trading is funded from Phantom Cash. The funds are transferred to Kalshi and converted to fiat for settlement rather than remaining as a cryptocurrency balance inside an event contract.
3. Place and settle the contract
Once approved and funded, the user submits an order through Phantom’s interface. Kalshi executes the order and holds the trading account. Cash-outs and winnings are returned to Phantom Cash.
Can I trade Kalshi on Phantom in the US?
Only eligible users in supported US jurisdictions can use the feature. Phantom says access and category rules can change without notice while state cases continue, so seeing the feature in the app does not guarantee that every market is tradable.
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The initial restrictions reported for the rollout were:
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|---|---|
| Michigan | Sports |
| Nevada | Sports, elections, politics and entertainment |
| Washington | Sports, elections, politics, entertainment, culture, science and technology, mentions and geopolitics |
These are category restrictions reported at launch, not a permanent map of availability. Phantom said it would observe state restrictions and revise access as the litigation develops.
What is the regulatory basis for Phantom’s confidence?
Phantom says CFTC staff issued Staff Letter 26-09 in March 2026. The letter provided conditional no-action relief for the passive software activity described by Phantom, allowing it to avoid registering as an introducing broker for that activity. Phantom also says the CFTC extended comparable relief to similarly situated software providers in September.
That relief is narrower than a blanket approval of every prediction-market activity. Phantom says it is not a CFTC-registered exchange or broker, and the company’s general counsel, Kevin Jacobs, told The Block, “Our perspective is that the CFTC’s jurisdiction here is clear.” The letter does not settle whether individual contracts comply with state gambling, licensing or consumer-protection laws.
Why are states challenging Kalshi?
State officials and Kalshi disagree over which legal regime governs event contracts. Kalshi describes itself as a national derivatives market governed by federal law; states contend that contracts tied to sports, politics and other outcomes can constitute gambling offered without a state license.
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New York
In a July 31, 2026 complaint announcement, New York Attorney General Letitia James called Kalshi an illegal, unlicensed gambling operation. The state alleges that Kalshi exposed New York users ages 18 to 20 to markets even though New York mobile sports betting requires customers to be 21. New York is seeking an order stopping operations, along with fines, forfeiture and restitution.
Utah
Utah sued on October 20, 2026. Axios reported that the state estimated $30 million to $60 million in fees from Utah users and cited 32,940 fully active Utah accounts as of February 2026 in lawsuit filings. Kalshi responded that federal derivatives law governs its market.
No final court ruling changing Phantom’s restrictions had been established by October 27, 2026. Until courts or regulators resolve the conflict, a market’s appearance—or disappearance—in the app can reflect a current jurisdiction rule rather than a final legal judgment.
What fees does Phantom charge for prediction markets?
The Block reported a quoted fee of $0.02 per contract, plus a small network fee for moving funds to Kalshi. Phantom shows the fee breakdown before confirmation, so the amount displayed at checkout is the relevant figure for that transaction.
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Phantom’s disclosures also allow for an additional disclosed fee. The quoted $0.02 figure is not a guarantee that every user, market or future transaction will have the same total cost; network charges and any additional fee appear separately in the app.
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How does using Phantom compare with using Kalshi directly?
Phantom changes the entry point, not the underlying exchange relationship. The main differences are interface, funding path and the commercial arrangement disclosed by Phantom.
| Question | Through Phantom | Directly with Kalshi |
|---|---|---|
| Who performs KYC? | Kalshi performs and approves the identity check during Phantom onboarding. | Kalshi performs and approves the identity check on its own service. |
| Who holds and executes the trading account? | Kalshi holds the account and executes orders; Phantom provides the interface. | Kalshi holds the account and executes orders. |
| How is funding presented? | Funds start in Phantom Cash and move to Kalshi for fiat settlement. | The funding flow is handled through Kalshi’s own interface. |
| What does the user pay? | The app displays the quoted contract fee, network charge and any disclosed additional fee before confirmation. | Fees are shown by Kalshi under its direct account terms. |
| What markets are available? | Phantom applies its phased rollout and state-category restrictions. | Availability is governed by Kalshi’s service and applicable jurisdiction rules. |
| Can the user switch interfaces? | Phantom says users become direct Kalshi members and may access Kalshi independently. | The account is already accessed directly. |
What commercial incentives should users understand?
Phantom’s October 22 disclosures say it has agreements with KalshiEX LLC and Kalshi Klear LLC. Kalshi shares part of the exchange fees from contracts traded through Phantom’s interface, and Phantom agreed to give Kalshi markets prominent placement for a period after launch.
Those arrangements create a potential conflict: Phantom has a financial incentive for users to trade more. The disclosures say Phantom is not a fiduciary or financial adviser and may charge an additional disclosed fee. Users should distinguish the convenience of an integrated interface from independent advice about whether a contract is suitable.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallHow significant is Kalshi’s market activity?
The Block reported $291 billion in Kalshi trading volume in 2026. At publication, October volume was reported at $55.33 billion, while September set a monthly record of $59.32 billion. These are exchange-wide figures cited by The Block, not a measure of Phantom’s own users or volume.
The scale helps explain why wallet distribution matters, but it does not resolve the legal dispute. Phantom’s launch expands access to an existing exchange while responsibility for account approval, execution and the underlying contracts remains with Kalshi.
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Frequently Asked Questions
Does using Phantom make a Kalshi position self-custodied?
No. Phantom can self-custody wallet assets, but a Kalshi event-contract account is held and administered by Kalshi. The wallet interface and the trading-account custody arrangement are separate.
Are all Kalshi markets visible to every Phantom user?
No. Phantom’s rollout is jurisdiction-dependent, and it initially blocked different categories in Michigan, Nevada and Washington. Market visibility can change as court orders, agency actions or Phantom’s own compliance rules change.
What happens if a state wins its case against Kalshi?
Access could be restricted further, suspended or redesigned for users in that state, depending on the court order and subsequent regulatory steps. The launch disclosures do not promise uninterrupted availability while the cases are pending.
Is Phantom giving investment or betting advice through the integration?
Phantom’s disclosures say it is not a fiduciary or financial adviser. Market placement inside the app should therefore be treated as an interface and distribution decision, not a recommendation that a particular contract is appropriate.
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