Phantom Opens US Kalshi Trading With $0.02 Contract Fees

Phantom Kalshi fees add up by contract

Phantom’s U.S. trading guide gives a ten-contract example costing $0.20 in prediction fees. A separate variable charge covers moving money to Kalshi, including network costs, token-account creation where needed and a gasless service fee.

That distinction makes the order preview more informative than a headline fee alone. A small quoted charge can represent a different share of the purchase price depending on the contract’s price and quantity. The published rate does not establish an all-inclusive percentage cost.

The same guide says funds must become available at Kalshi before the purchase completes. Sale proceeds and winning payouts return to the customer’s Cash account through Stripe. Money leaving a wallet, a contract opening and proceeds returning are separate stages.

The arrangement follows a broader effort to put event trading inside familiar finance apps. Daily Crypto Briefs previously covered Blockchain.com’s planned Polymarket integration, another example of wallet distribution extending a venue’s reach.

Bitcoin’s October 23 UTC session closed at $81,078.04, down 0.282%, after a range of $80,401.34 to $82,102, according to ChartExchange historical prices. This is wider crypto-market context, without evidence that the Phantom launch caused the move.

Bitcoin

BTC

Sep. 23-Oct. 23, 2026

$81,078

-3.9%

Sep 23 - Oct 23 | High $85,856 • Low $81,078

Source: ChartExchange, sampled completed UTC closes checked October 24. The unfinished October 24 session is excluded.

Kalshi identity checks keep US balances separate

Phantom’s identity-verification instructions require customers to create or connect a Kalshi account before their first trade. Depending on the checks, the exchange can request identifying information, a Social Security number or government-issued identification; further verification can follow after trading begins.

Existing customers link through a one-time code sent to their registered Kalshi contact. That connection does not merge balances: funds in Kalshi’s own app do not appear in Phantom, and money used for predictions through Phantom is not displayed in Kalshi’s app or website.

One Kalshi account can connect to only one Phantom account at a time. The distinction could be particularly relevant when a customer checks another interface to reconcile a transfer or position.

The U.S. relationship also differs from Phantom’s non-U.S. prediction service, which its documentation says uses World Prediction Markets on Solana. Instructions and fee assumptions should therefore follow the customer’s jurisdiction and provider.

CFTC relief leaves state market restrictions in place

The regulatory basis includes CFTC Staff Letter 26-09, issued March 17. It provides conditional relief from staff-recommended enforcement over introducing-broker and associated-person registration for specified Phantom software activities.

The letter describes users submitting instructions directly to registered partners. Funds securing derivatives positions sit within the exchange’s clearing or futures-broker structure, while Phantom neither holds customer assets nor exercises discretion over routing or execution.

The relief requires conflict and risk disclosures, independent access to the partner, communications controls and records. It is a conditional staff position, rather than a blanket authorization for every contract or a resolution of state gambling disputes.

Those disputes already feature in Daily Crypto Briefs’ reporting on Kentucky’s prediction-market lawsuits. They illustrate why exchange access and the availability of a particular event category remain separate questions.

The Block reported that Phantom initially blocks sports markets in Michigan; sports, elections, politics and entertainment in Nevada; and those categories plus culture, science and technology, mentions and geopolitics in Washington. Phantom’s general counsel said the company would comply with restrictions as litigation proceeds.

The disclosures also say Phantom is not a registered CFTC entity and does not operate the underlying exchange or clearing organization. Kalshi’s rules control market resolution, and deposited clearing funds do not carry FDIC insurance or SIPC protection. A wallet entry point does not change those protections.

Alternative.me’s sentiment index was 51, or Neutral, versus 50 the previous day when checked just after the October 24 UTC rollover. It measures market sentiment, rather than event-contract liquidity or legal certainty.

The reviewed launch materials did not disclose how many U.S. accounts had received access or how much trading the integration generated. The next measurable developments are wider rollout, changes in permitted market categories and evidence of usage, with the displayed quote and current eligibility rules governing each customer’s immediate access.