Phantom Starts Staged US Rollout of Kalshi Prediction Markets With $0.01 Contract Fee

Phantom began a staged US launch of in-wallet prediction markets on Friday in partnership with Kalshi, marking what the crypto wallet provider called its first US integration. Unlike Phantom's December rollout that required no separate account, US users must pass Kalshi's identity checks—which can request a Social Security number and US government ID—and hold a direct Kalshi account. The setup relies on CFTC Staff Letter 26-09 granted in March, which exempted Phantom from registering as an introducing broker under 10 conditions, including joint and several liability between Phantom and the exchange for violations.

Users can fund trades with Phantom Cash or any Solana $SOL token, while proceeds and winnings return to Phantom Cash via Stripe. Phantom charges a $0.01 fee per contract on top of Kalshi's $0.01 exchange fee and a variable network transfer fee, and balances between the two apps remain separate. The Block reported that market restrictions apply in Michigan, Nevada, and Washington amid ongoing state litigation over sports contracts, including a September 2 preliminary injunction in Michigan carrying a $500,000-a-day fine for violations. "Phantom did the regulatory work up front, and it’s a model for how prediction markets can reach more people." — Max Crowley, VP of Business Development at Kalshi.