Kalshi and Polymarket has new contender in prediction markets
Kalshi and Polymarket remain dominant in the prediction market sector, recording billions in monthly trading volumes, but emerging rivals like Opinion Labs and Limitless are beginning to challenge their supremacy. Opinion Labs, backed by Binance's Yzi Labs, recently surpassed $700 million in weekly trading volume, joining Kalshi and Polymarket in this achievement. Limitless promotes itself as a Polymarket alternative with lower fees and easier access. Kalshi and Polymarket, strengthened by major funding rounds and partnerships such as the NHL licensing deal, continue to enhance their visibility and infrastructure. As these platforms compete, the prediction market space is rapidly growing, attracting attention both within and beyond crypto sectors.
Dominance of Kalshi and Polymarket
Kalshi and Polymarket have emerged as the undisputed leaders in the prediction market space this year. Despite their dominance, new challengers have begun to surface. Market observers anticipate an arms race for supremacy, even though the two platforms currently enjoy a head start.
Rise of Opinion Labs
One such emerging contender is Opinion Labs, a prediction platform reportedly backed by Yzi Labs, the investment arm of Binance. Opinion Labs recently became the third prediction market to surpass $700 million in trading volume within a week. This milestone places it alongside Kalshi and Polymarket, reinforcing its status as a serious competitor in the space.
October's Trading Volume Highlights
For the week of October 27, 2025, Opinion Labs attracted $748.8 million in notional volume, compared to Kalshi's $1.26 billion and Polymarket's $1.11 billion. This achievement is significant, as Opinion Labs only opened its platform to the public on November 4. Previously, users needed an invite code to access the platform.
Expert Insights
According to Austin Weiler, a research analyst with Messari’s protocol services team, Opinion Labs entering the space is an exciting development. Weiler sees it as a potentially major player with robust trading volume to back its operations. He also highlighted another emerging contender, the Limitless platform, described as a ‘Polymarket clone’ thriving on Base. Limitless has differentiated itself by offering lower fees and easier onboarding for retail users.
Kalshi and Polymarket's October Performance
October was an excellent month for prediction markets, especially for Kalshi and Polymarket. According to Messari analyst Austin Weiler, Polymarket recorded $1.9 billion in notional volume, while Kalshi posted $1.8 billion, with both platforms achieving an annualized pace of over $45 billion as of October 22. The ongoing competition has not only driven improvements but also brought greater visibility to prediction markets outside the crypto space.
Significant Funding and Strategic Partnerships
Kalshi and Polymarket have also led in terms of funding. Kalshi raised $185 million in June and an additional $300 million in October, while Polymarket secured a $2 billion investment round from ICE last month. Furthermore, both platforms signed licensing deals with the NHL, marking the first major U.S. sports league to endorse prediction markets. These agreements allow Kalshi and Polymarket to run NHL-branded markets and gain visibility during league broadcasts, potentially introducing prediction markets to millions of new users.
The Future of Prediction Markets
As the prediction market sector grows, established leaders such as Kalshi and Polymarket are well-positioned to capitalize on their existing infrastructure and lead the market. However, they face increasing pressure from emerging rivals like Opinion Labs and Limitless. This growing competition is expected to foster innovation and attract broader interest in the prediction market space.