Self-custody wallet Phantom opened direct access to Kalshi event contracts for eligible United States users on October 23, 2026. The integration embeds regulated prediction markets into Phantom’s mobile and browser extension interfaces through a Predict tab covering sports, politics, economics, and culture. Trading fees total $0.02 per contract, split equally between a one-cent Phantom platform charge and a one-cent Kalshi exchange charge, with a separate variable network charge disclosed before order confirmation.
Before trading, users must create or connect a Kalshi account and complete identity verification. Kalshi may request a legal name, date of birth, residential address, Social Security number, email, verified phone number, and government-issued identification, and may use verification provider Socure for an ID check or live selfie. Existing Kalshi customers can connect using a one-time code, but accounts can be linked to only one Phantom account at a time. Balances used for Kalshi predictions in Phantom are not visible in the Kalshi app or on kalshi.com.
The arrangement operates under a conditional CFTC no-action position announced March 17, 2026. Letter 26-09 permits specified software activities without enforcement for failing to register as an introducing broker, including transaction-based fees and revenue-sharing, provided disclosures are made. Funds securing derivatives positions are placed with a clearing organization or participating futures commission merchant, while Phantom does not hold customer assets or exercise discretion over order routing. The relief excludes DeFi derivatives and tokenized prediction markets and lasts until applicable CFTC rulemaking or guidance takes effect.
Funding and settlement run through Phantom’s Cash account using the CASH stablecoin, with winning proceeds returned through Stripe typically within seconds to minutes. The launch occurs against a backdrop of state-level legal scrutiny: Utah filed a civil lawsuit seeking up to $61.2 million in allegedly unlawful fees, with reported recovery estimates ranging from $30.6 million to $61.2 million. Kalshi disputes Utah’s position and maintains that federal derivatives oversight governs its markets. A Tenth Circuit panel declined emergency protection from Utah enforcement on September 8, while New Jersey has petitioned the Supreme Court over federal-versus-state jurisdiction. Kalshi’s response is due November 9.
